RBC Preps Cloud-Based Mobile Payments Service
The Royal Bank of Canada (RBC) announced that it is developing RBC Secure Cloud, an NFC payments service that will manage sensitive user data by storing it in the cloud rather than on the handset. RBC says RBC Secure Cloud shifts the burden of data security to RBC. Payment information will be transmitted in encrypted form to the customer’s mobile device where it will be decoded at the point of sale. RBC says the new service also will feature efficient account information provisioning, card lifecycle management, and an open architecture, which will enable the service to support non-RBC payment methods in the future. RBC expects to bring the new service to market by the end of the year.
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