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December 9, 2020

CIBC raises contactless limit to C$250 for mobile wallet transactions

By Douglas Blakey

CIBC is enhancing its contactless payment options, enabling customers to tap their CIBC Advantage Debit Card using Apple Pay, Samsung Pay and Google Pay on mobile devices or smart watches for purchases of up to C$250. The previous limit was C$100.

Moreover, CIBC plans to increase its contactless limit using physical debit cards in 2021.

In addition, it’s now easier for customers to add their credit cards directly from the CIBC Mobile Banking App to Google Pay, without having to manually enter their credit card details, making it faster to set up Google Pay for tap and online shopping.

“We know many of our clients want more options for touchless transactions, and want to support local retailers in the crucial holiday shopping season,” says Laura Dottori-Attanasio, Group Head, Personal and Business Banking, CIBC.

“We’re expanding the digital and contactless options available to clients to offer greater peace of mind and convenience to our clients.”

CIBC expands Interac e-Transfer

CIBC has also added more features to Interac e-Transfer, making it easier for clients to receive money from their contacts, which reduces the need to use cheques or make in-person transactions:

  • Clients can now register for Interac e-Transfer Autodeposit with their mobile number and will receive a notification when funds are deposited into their account, keeping them informed on-the-go, and
  • The Interac e-Transfer Request Money dollar limit has been increased to C$10,000 per transaction, enabling clients to do more contactless banking, with up to 200 Request Money transactions active at one time.

“During the pandemic, we’ve seen more clients adopt digital banking, including a dramatic increase in the use of the Interac e-Transfer service as an alternative to using cheques or in-person transactions. We’ve heard clients’ requests to improve this service, and the payment enhancements announced today reflect this feedback, allowing clients to receive their money securely and conveniently,” adds Dottori-Attanasio.

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