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With the concerns resolved, CIBC and Rogers — alongside credit-card issuers Mastercard and Visa Canada — will enable smartphone devices to act as a physical CIBC credit card and pay for groceries, gas, restaurant bills and other small ticket items by the end of the year.

Mr. Williamson said this is the first such deal to develop from the code, which had been in the works for months. While the bank is firmly focused on its partnership with Rogers, Mr. Williamson would not rule out working with competing mobile providers, such as BCE’s Bell Mobility and Telus Corp.

“At this time it would be fair to say we would like to bring this to others,” the executive said.

A spokeswoman for Telus, the country’s third-largest carrier, said talks are taking place between it and financial institutions. “We are currently working with a number of banks to offer this service in the near future,” spokeswoman Elisabeth Naplano said via email.

Requests for comment from Bell was not immediately returned.

The new opportunity for both financial institutions and wireless providers is based on near-field communications (NFC) technology, which sends data such as a person’s card “credentials” over very short distances. In this instance, the data housed on a Rogers phone would be received by a small terminal near a traditional cash register.

Credit card companies, which have been fast to roll out mobile payment solutions of their own using their own cards, are logical partners because of their extensive “tap and go” networks already in place with merchants country wide, as well the loyalty and rewards programs they offer through their bank-sponsored cards, bank executives said.