TD Canada Trust, a commercial banking unit of Toronto-Dominion Bank in Canada, has launched a new payment solution TD Mobile Payment, offering options to make payments for everyday purchases with smartphones.

TD Mobile Payment is integrated in with TD mobile app and employs Near Field Communication (NFC) to make secure contactless purchases with Android or BlackBerry mobile devices at merchant point-of-sale locations powered by Visa payWave.

TD Bank Group Digital Channels senior vice president Rizwan Khalfan said that it is the first Canadian bank to offer a mobile payment solution with Canada’s three major wireless networks, on a variety of devices.

"We’ve found that Canadians value a quick checkout, which made sense given the growth and popularity of our mobile app and the increasing number of retailers using NFC," added Khalfan.

The new solution is available for download on the Bell, Rogers, and TELUS networks.

TD Canada Trust is also offering a personal passcode to access TD Mobile Payment through the mobile app to ensure the protection of customer information and secured transactions. The credit card information of the users is stored in encrypted form on a specialized NFC SIM card within the mobile device.

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By GlobalData