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Banks promise to open wallet to debit and other loyalty programs.
PC Financial and TD Canada Trust credit card-holders will soon be able to leave their cards at home and pay for groceries with their mobile phones. The two financial institutions say they will launch Ugo, a mobile wallet that lets users pay and collect PC Points at Loblaw-owned stores with just a tap of their Android or BlackBerry device, effective Spring 2014.
“We are excited to be teaming up with PC Financial to develop Ugo, the first collaboration of its kind between two Canadian banks,” said TD’s Teri Currie in a press release issued Wednesday. “We’re also thrilled to be able to offer one of Canada’s most popular retail loyalty programs by welcoming Loblaw as our first retail partner.”
Initially, Ugo users will only be able to load their TD Visa, PC Financial MasterCard and PC Points cards into the mobile wallet. However, eventually the plan is to allow Ugo users to add debit capabilities and bring other retailers and loyalty programs into the fold. That’s much closer to the idea of a truly mobile wallet that could ultimately replace the need for consumers to carry physical wallets for payments.
Ugo leverages existing near-field communication (NFC) technology (think Visa payWave and MasterCard Paypass) to process payments and will be available for use WITH? newer NFC-enabled Blackberry and Android devices. Additional platforms are planned for future releases, the banks said.
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