Rogers granted patent for bank

Rogers Communications Inc granted letters patent for bank | FP Tech Desk | Financial Post.

After more than a year of the announcement, Rogers has finally landed patent for opening its own bank. Where does this move leave the partnership with CIBC? A dangerous move for competition as this signals intentions to go with a stand alone product. Hard to tell where will this evolve. Rogers can try to become a credit card issuer, cobranded with the traditional CC schemes, to launch their e-wallet product. But the real change should come if they manage to break away completely from the legacy CC schemes. That would require bypassing the POS terminal network all together. That is where Roger should focus and try to enable their smartphones to also become mobile POS terminals. That would really shake the foundations of the historic Visa/MC model.

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This entry was posted in Banking, Canada, credit cards, Mobile payments, Mobile wallet, NFC, smartphones and tagged . Bookmark the permalink.

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