Canadian-based cooperative financial group Desjardins has reached an agreement with mobile technology provider Monitise to develop and deploy Near Field Communication-based mobile payments.
Monitise will build a mobile payment service for Desjardins members and clients in collaboration with EnStream, a joint venture of Canadas mobile network operators. The technology will allow purchases at Canadian retailers via smartphone.
The mobile payment system will go live in 2014, and adheres to Canadian mobile payment guidelines announced in May 2012 by Desjardins and the major Canadian banks. These guidelines aim to guarantee security, reliability and ease of use for merchants and consumers.
Desjardins joins other Canadian financial institutions, such as RBC, in developing mobile payments in that country. MasterCards MasterPass digital wallet also debuted in Canada this year, with issuers including BMO.