TD Canada Trust has reportedly incorporated NFC-based mobile payments into its Android app, in a bid to help customers make small credit card purchases using an NFC-compatible Android device.
The company has teamed up with three carriers including Rogers, Bell and TELUS customers to provide NFC-based credit card purchases, as reported by mobilesyrup.com.
In order to use the NFC-based mobile payments service, the customers must have an NFC SIM card and a compatible device to use the service.
TD Canada Trust said that an NFC SIM card ensures that user data remains secure while transmitting the payment.
The transmission system is similar to a plastic card, as the SIM stores payment credentials in a secure element that can only be processed by Visa or Mastercard.