Finance committee  I think it is helpful to understand that the RBC solution for having its credentials residing in the cloud is terrific. However, that's not all of the solutions. I think you might have been asking about the ability to have all of these different card capabilities in one place. Th

Finance committee  I can just add that the huge value is the reprovisioning, because if you lose your wallet, how long does it take you to replace all of your cards? You can do it in real time over the air.

Finance committee  It's only one terminal.

Finance committee  Yes.

Finance committee  RBC is the only bank so far that has deployed a cloud solution. CIBC is out with a solution that is not cloud based. In our view, they're equally secure. The security resides in a slightly different place, but they're both incredibly secure.

Finance committee  In the traditional bank deployments that we're seeing, either out there already with CIBC or about to come on stream, the information resides, but all incredibly encrypted, on the SIM card. But they're different.

Finance committee  If you're able to use a phone, then you can pay for things more quickly, right? So that's wonderful. That's true regardless of your background or your location. If you can use a smartphone, or if you have a smartphone, you can make payments more quickly at a retailer who has the

Finance committee  That is actually a great example, because you don't have to go and physically buy the card. Another really nice thing about cards, which I find is a bit of a generational thing too, is that if you don't remember necessarily how much you have left on your card, you tend to not us

Finance committee  Yes.

Finance committee  When you add in past payments and you are then looking at government identification—as I mentioned earlier, driver's licences, health cards, hotel room keys—EnStream is very excited about this, because now we are getting calls from outside Canada. The irony is that in a few cases

Finance committee  I don't know that mobile payments can solve a lot of the other challenges that some of those people might have in terms of their disabilities or—

Finance committee  Our history in this country has been of getting the value of standardization and ubiquity. We were world leaders in embracing debit. We're world leaders in embracing the use of the Internet even. There are a number of players in the business now. There's no barrier to entry, othe

Finance committee  It can't be free because we would lose money. We have structured it, so far with all of the carriers that have come to us, for the most part on cost recovery. I mean, we're still in stages of trying to figure out what those are because of some of the challenges that occur in depl

Finance committee  The first response is that whether it's RBC's solution, where the customer data is in their cloud behind their firewall, or the other NFC solutions, where the information resides on the SIM card, all of that information has been encrypted, de-encrypted, re-encrypted. The level of

Finance committee  Just to explain, RBC's solution is unique. It's the first deployment that's in the cloud. CIBC has deployed with both Rogers and Telus, so I think technically we have three deployments now. But those two, the credential information, the credit card information, encrypted and all,