Blackberry to provide transaction services platform
Waterloo-- BlackBerry Limited has a three-year agreement with EnStream LP, a mobile payments joint venture owned by Canadian wireless carriers Bell, Rogers, and TELUS, to provide a secure platform that supports transaction services between leading banks and consumers. Under the agreement, EnStream will leverage BlackBerry’s infrastructure to enable financial institutions, including Royal Bank of Canada, TD Bank Group, CIBC, and Desjardins, and mobile operators to securely provision sensitive payment card credentials into any smartphone capable of NFC (near field communication).
Today the mobile payments space is primed for growth. The total value of transactions using mobile technology is expected to grow from $35 billion in 2012 to $173 billion in 2017, at a compound annual growth rate of 31 per cent. This projection includes merchandise purchases, ticketing, and bill payments, while it excludes person-to-person payments and airtime top-ups.
Through supporting mobile payments BlackBerry intends to provide unique services that help enterprise customers deploy secure mobile solutions that help promote productivity among their workforce and drive new revenue streams. Working with EnStream is part of BlackBerry’s strategy to extend its core enterprise mobility technologies in new and emerging industries.
In order to provide the platform for EnStream, BlackBerry needed to protect the sensitive data associated with financial transactions and meet the stringent requirements of the payment industry. This included complying with regulations and earning PCI, Visa and MasterCard certification.
“Canada is a leading global region in the adoption of technology and mobile payments, making it a key market for MasterCard innovation,” says Nicolas Dinh, vice-president of emerging payments, MasterCard. “Safe and secure digital transactions are the backbone of our network and mobile payment ecosystem, and BlackBerry’s involvement in the payment chain will help build trust in Canada and abroad.”