Rogers Credit Card Arriving Soon says Canadian Telecom’s CEO Nadir Mohamed

By: Ali Raza  |   April 24th, 2013   |   Business, News, O Canada, Smartphones

After announcing its first quarter results of the year on Monday, April 22nd, Rogers held their annual general meeting the next day  on Tuesday, April 23rd. On this occasion Rogers’ President and CEO Nadir Mohamed addressed shareholders and revealed that soon the telecom will be launching a Rogers credit card. Explaining the new product from Rogers, Nadir Mohamed said that not only is it the best solution to get rid of one card from your wallet, it will also “strengthen customer loyalty and retention.”

 

Below is a piece from the speech that describes the mobile commerce:

 

“Third, mobile commerce…it’s a space we’re leading in…

 

Today the average Canadian carries 22 cards in their wallet….collectively we’re carrying 675 million pieces of plastic…

 

Your wireless device already acts as your phone, your camera, your computer…in the next five years it will act as your mobile wallet…

 

For you this means safely storing all your information in one place…from credit cards to transit passes…for Rogers it means a new business that leverages the trusted security of the SIM.…we’ve already partnered with CIBC and look forward to working with all of the other banks…

 

We’ve also applied for a bank license so we can offer a credit card to strengthen customer loyalty and retention…and of course the Rogers credit card would be one of many cards in the mobile wallet.…”

 

Earlier in September 2012, the telecom carrier submitted a request to become a bank in Canada and at that time Rogers also stated it would allow the company to “pursue a niche credit card opportunity” in the days to come. The cut-off date for following this plan seems to be arriving soon, perhaps as early as next year or 2015. Besides this Rogers had already put the first mobile NFC credit card transaction into practice in association with CIBC during last fall.

 

Moreover, the carrier also had intentions to develop partnerships with other financial institutions or banks as well, according to Mohamed, who is going to take retirement on January 2014 and will receive a package of $18.5 million after stepping down from his position. Under Mohamed, Rogers has done pretty well and it can be judge from the fact that number of the telecom carrier’s subscribers has reached a record 9,376,000 users during the last first quarter of 2013. On top of this, nearly 70 percent of its post paid customers are using smartphones.

 

Source: iPhoneinCanada