TORONTO – Rogers Communications took another step closer to becoming a bank on Friday when it announced the Minister of Finance has issued Letters Patent, incorporating Rogers Bank, an initiative primarily focused on credit card services. Rogers made the application in September 2011.
"Today's announcement is a significant milestone in our plan to issue a credit card," said David Robinson, vice-president, emerging business, Rogers. "The Rogers credit card program represents a new growth opportunity while giving customers an opportunity to accumulate value in a future Rogers loyalty program."
That said, we wouldn’t expect a lot of actual cards to be issued by the big wireless and cable company. The company is heavily exploring near field communications and other machine to machine technology and it’s widely expected that any “credit card” or loyalty program issued by Rogers will be mostly, if not entirely, contained withn its customers' wireless phones, or in an app where customers will use tap or swipe technology to access their Rogers credit account.
With the Letters Patent of Incorporation, Rogers now has twelve months to move forward with the application process to meet the requirements of an Order to Commence and Carry on Business. Upon meeting the requirements for the Order to Commence, Rogers will have the approval to begin offering credit card services, reads the press release.
For more info, visit the Office of the Superintendent of Financial Institutions Canada.
