RBC to launch mobile wallet by late November-executive

TORONTO Tue Oct 23, 2012 11:54am EDT

TORONTO Oct 23 (Reuters) - Royal Bank of Canada plans to launch a "mobile wallet" payment system within the next month, the head of the bank's Canadian banking division told Reuters.

RBC, Canada's largest bank, is racing Canadian Imperial Bank of Commerce to be first to market in Canada with a system that will allow clients to make cash and credit card payments using their smartphones.

RBC had been aiming to have the product out in October.

However, the bank ran into "partner difficulties," said Dave McKay.

"We're almost there; it's close. It's going to be out in the next 3 or 4 weeks." he said in an interview.

CIBC said in May it will launch its own mobile wallet with wireless carrier Rogers Communications Inc.

While mobile payment technology is just beginning to roll out, analysts say the sector is set to boom.

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