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ARTICLE · 10 AUGUST 2015

Canadian Banking Industry Releases Payments Security White Paper

McCarthy Tétrault
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The Canadian banking industry recently released the Payments Security White Paper, prepared by the six largest Canadian banks (BMO, CIBC, National Bank, RBC, Scotiabank, TD).

CanadaPrivacy
Ana Badour
Ana Badour
Diego Beltran
Diego Beltran
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The Canadian banking industry recently released the Payments Security White Paper, prepared by the six largest Canadian banks (BMO, CIBC, National Bank, RBC, Scotiabank, TD). The white paper outlines the evolution of mobile payments in Canada, reviews risks associated with various types of mobile payments, and explores potential considerations for the future.

The paper was guided by three overarching principles: the need for security, the need for openness (the mobile payment environment should be open to any mobile wallet on any mobile device) and the desire to support innovation in mobile payments.

Mobile Payment Evolution in Canada

The paper discusses the evolution of mobile payments in Canada, and notes that it is currently still estimated that "fewer than 25% of Canadian consumers have all the required elements to participate in mobile payments". Challenges to mobile payment adoption include the limited penetration of contactless or NFC (near field

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