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TORONTO, Nov 2 (Reuters) - Canadian Imperial Bank of Commerce and Rogers Communications Inc will roll out their "mobile wallet" on Nov. 16, opening the door for Canadians to pay for purchases with a quick tap of their smartphone, the companies said Friday.
The two companies said in May they had teamed up to launch the system, and other banks and telecom providers are expected to follow suit quickly.
Royal Bank of Canada, for example, has said it will launch its own wallet over the next few weeks.
The tool allows shoppers to pay for purchases by tapping their smartphone on a special electronic reader that has already been installed at many Canadian retailers.
CIBC and Rogers made the announcement at a press conference in a Toronto coffee shop, where Canadian Olympic triathlon gold medalist Simon Whitfield demonstrated mobile-wallet payments by using a smartphone to make a purchase.
The system will be initially available to CIBC credit card clients using Rogers-supported BlackBerry phones.