New payment service enhances online shopping process for clients

TORONTO, Jan. 30, 2015 /CNW/ - With online shopping continuing to grow in Canada, CIBC (TSX: CM) (NYSE: CM) today announced it has already supported the enrolment of tens of thousands of CIBC credit card holders in Visa Checkout since the bank introduced direct client access to the online payment service through its website last fall, the first Canadian bank to do so. Clients can sign up for Visa Checkout through cibc.com and then use it at a broad selection of online retailers. Once enrolled in this payment service, shoppers simply enter their username and password to securely checkout without ever having to leave a merchant's website.

"At CIBC, we are continually looking for new ways to make banking easier for our clients by providing them with innovative solutions that are flexible and easy to use," says Jenny Fagg, Executive Vice-President, Products & Payments, CIBC. "We've made online shopping faster, easier and more secure with the launch of Visa Checkout on cibc.com - another first for our clients."

Visa launched Visa Checkout to simplify online shopping on any device. Whether using a computer, tablet or mobile device, Visa Checkout allows consumers to make online purchases more quickly and easily by eliminating the need to re-enter card and shipping information. Visa uses advanced security technologies to protect cardholder information, including industry standard encryption and multilayer authentication.

According to Statistics Canada, e-commerce is a billion dollar industry in this country, with retail e-commerce sales growth at over five times the pace of the overall growth in retail trade.

"With more and more Canadians using e-commerce every day, Visa Checkout provides consumers with an intuitive online checkout experience and lets online retailers deliver a simplified and secure digital purchase process to their customers," says Brian Weiner, Vice President, Product and Strategy, Visa Canada.

Once enrolled in Visa Checkout, online shoppers can use any major credit, prepaid or Visa debit card and speed through checkout using only their username and password. Customers can enroll CIBC VISA Credit or Advantage Debit cards, CIBC MasterCard credit cards, as well as other bank cards.

Online merchants currently offering Visa Checkout in Canada include London Drugs, Gap, Banana Republic, Old Navy, WestJet, Kobo, 1-800-Flowers.com, Running Room, Cineplex Entertainment, Beyond the Rack, ClearlyContacts.ca, World Vision, lululemon athletica, Staples Canada, Newegg.ca, Orbitz, Ticketmaster, Gymboree and TigerDirect.ca, with more to be announced.

CIBC is leading the way in innovative payment solutions

CIBC's clients have been the first in Canada to benefit from a number of innovations in retail banking in recent years. CIBC launched the first mobile banking app in Canada in 2010, a first of its kind mobile payments app in 2012, and more recently was first among the big 5 to allow clients to deposit cheques using their smartphone in 2013. In January 2015, CIBC was recognized as the best in online banking among the Big 5 banks in Canada by Forrester Research. Forrester recognized CIBC as best in Mobile Banking among the Big 5 Canadian banks in May of 2014.

"Our focus is on our clients and delivering the services they want, today and in the future," says Ms. Fagg. "Bringing services like Visa Checkout as they come to market to our clients and keeping at the forefront of innovation, helps us deliver the convenience and security clients are looking for from their bank."

About CIBC

CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.

SOURCE CIBC