Additional mobile banking enhancements make touchless transactions through Google Pay and Interac e-Transfer even easier

TORONTO, Dec. 9, 2020 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced enhancements to its contactless payment options, enabling clients to tap their CIBC Advantage Debit Card^® using Apple Pay, Samsung Pay and Google Pay on mobile devices or smart watches for purchases of up to $250 at a growing list of retailers in Canada. The change, now effective, increases the contactless debit payment limit for mobile wallet transactions from $100 just in time for the holiday season, offering clients greater convenience when shopping at local retailers for gifts or dining.¹ Plans are underway to increase tap limits on physical debit cards in 2021.

In addition, it's now easier for clients to add their credit cards directly from the CIBC Mobile Banking^® App to Google Pay, without having to manually enter their credit card details, making it faster to set up Google Pay for tap and online shopping.

"We know many of our clients want more options for touchless transactions, and want to support local retailers in the crucial holiday shopping season," said Laura Dottori-Attanasio, Group Head, Personal and Business Banking, CIBC. "We're expanding the digital and contactless options available to clients to offer greater peace of mind and convenience to our clients."

CIBC has also added more features to Interac e-Transfer^®, making it easier for clients to receive money from their contacts, which reduces the need to use cheques or make in-person transactions:

• Clients can now register for Interac e-Transfer Autodeposit with their mobile number and will receive a notification when funds are deposited into their account, keeping them informed on-the-go.
• The Interac e-Transfer Request Money dollar limit has been increased to $10,000 per transaction, enabling clients to do more contactless banking, with up to 200 Request Money transactions active at one time.²  

"During the pandemic, we've seen more clients adopt digital banking, including a dramatic increase in the use of the Interac e-Transfer service as an alternative to using cheques or in-person transactions. We've heard clients' requests to improve this service, and the payment enhancements announced today reflect this feedback, allowing clients to receive their money securely and conveniently," added Ms. Dottori-Attanasio.

About CIBC

CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

Interac Flash, Interac e-Transfer and the Interac logo are registered trade-marks of Interac Corp.

¹ Tap limit may vary by retailer.

² This feature is also dependent on dollar and transaction limits set at the recipient's financial institution.

SOURCE CIBC

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