Canadian banks rushing to offer virtual wallets

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Canadian banks rushing to offer virtual wallets

Posted by globe (#2) 311 days ago (http://www.theglobeandmail.com)

Canada’s big banks are preparing to launch “virtual wallets” as early as this fall that will allow consumers to digitally consolidate their credit and debit cards from any financial institution, and use them to make purchases online and through their cellphones at cash registers.

It is being called the biggest change to the way consumers pay for goods in Canada in decades, and for the banks moving quickly into this space, the strategy is about keeping ownership of the vast and potentially lucrative stores of data that are involved in transactions.

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