Canadians have no time to wait at the checkout

MOBILE PAYMENT - in the palm of your hand! (CNW Group/TD Bank Group)

TD Mobile Payment puts the power to pay in the palm of your hand

TORONTO, May 14, 2014 /CNW/ - TD Canada Trust today announced TD Mobile Payment, a secure payment solution that allows customers to pay for everyday purchases with their smartphones. Available on the Bell, Rogers, and TELUS networks, TD Mobile Payment offers customers a simple, convenient and safe way to pay at their fingertips.

According to a recent poll commissioned by TD, the ability to make quicker payments will come as a relief to Canadians. The poll showed people were irritated by a number of things shoppers do while waiting in line. For instance, 76 per cent of respondents were frustrated by shoppers attempting to use multiple credit and debit cards, while 71 per cent become annoyed by people who couldn't find their payment cards. Additionally, 63 per cent have no time for shoppers who fumble through their wallets for exact change.

"We're proud to be the first bank in Canada to offer a mobile payment solution with Canada's three major wireless networks, on a variety of devices," said Rizwan Khalfan, Senior Vice President, Digital Channels, TD Bank Group. "We know our customers want more convenient ways to pay - our research shows that more than half of Canadians are already comfortable using their smartphones for everyday purchases. TD Mobile Payment, which is embedded in the TD mobile app, makes it simple, fast and easy to pay for things like your morning coffee."

Embedded in the TD mobile app, TD Mobile Payment leverages Near Field Communication (NFC) to make safe and secure contactless purchases with Android or BlackBerry mobile devices at Visa payWave® enabled merchant point-of-sale terminals. The TD mobile app is the most downloaded banking app in Canada with more than 2 million users.

"Our focus is on making our customers' journey simple and convenient no matter when, where, or how they choose to bank with us. We've found that Canadians value a quick checkout, which made sense given the growth and popularity of our mobile app and the increasing number of retailers using NFC," added Khalfan.

TD Mobile Payment keeps TD customers' credit card information safely encrypted on a specialized NFC SIM card within the mobile device. The TD mobile app also offers a personal passcode to access TD Mobile Payment, adding another layer of protection. Customers are offered the same level of protection and reassurance as they receive when making payments with their plastic credit card.

To download the TD mobile app and for more information, visit TD Canada Trust online, Google Play or Blackberry World. TD Mobile Payment is designed for use on several popular smartphones, which currently include the BlackBerry 9900, Samsung Galaxy S3, Samsung Galaxy S4, Samsung Galaxy S4 Mini, Samsung Galaxy Note 2/3, Samsung Galaxy S5 and HTC One - with additional platforms planned for future releases.

About the TD mobile banking survey:

  • 75% of Canadians admit their mobile phones are always within reach throughout the day.
  • 39% of 18 - 34 year-olds said they would return home to get their phones if they forgot them, 10% higher than the national average.
  • When asked to name the most important place to pay quickly, given a variety of options including grocery stores and convenience stores, the most popular payment location among Canadians (23%) was everywhere because their time is valuable.
  • The average maximum purchase Canadians would be comfortable making in a single transaction with a smartphone is $95.
  • More than half of Canadians with mobile phones are comfortable using their smartphones for everyday purchases, like:
    • Lunch: 79%
    • Movies: 79%
    • Groceries: 78%
    • Gas: 75%
    • Coffee: 72%

About the TD mobile app:

  • Make everyday purchases with your smartphone
  • Bank, manage personal investment accounts and trade with a single app
  • Pay bills and view account history
  • Transfer money between accounts
  • Get real-time quotes for stocks, ETFs, and mutual funds
  • Locate TD Canada Trust branches and ATMs

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves over 22 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.) and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 8 million active online and mobile customers. TD had CDN$909 billion in assets on January 31, 2014. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

About the Survey
From March 28th to March 31st, 2014, an online survey was conducted among a sample of 1007 Canadian adults age 18+ who are also Angus Reid Forum panel members. The margin of error — which measures sampling variability — is +/-3.09%, 19 times out of 20. The sample was balanced by age, gender, region and education (and in Quebec, language) according to the most recent census data. Discrepancies in or between totals are due to rounding.

To view PDF document please click here.

SOURCE TD Bank Group

Image with caption: "MOBILE PAYMENT - in the palm of your hand! (CNW Group/TD Bank Group)". Image available at: http://photos.newswire.ca/images/download/20140514_C8254_PHOTO_EN_40275.jpg

PDF available at: http://stream1.newswire.ca/media/2014/05/14/20140514_C8254_DOC_EN_40277.pdf

For further information:

Media contact:
Laura Mergelas
laura.mergelas@td.com
416.983.1514
TD Bank Group

Ray McIlroy
Ray.McIlroy@kaiserlachance.com
647.725.2520 X 215
Kaiser Lachance Communications