Customers of Canada’s CIBC bank can now replace a lost or stolen credit card “in a few simple steps through mobile or online banking and instantly use the new card with their mobile wallet before the physical card arrives”.
The new feature “makes it radically simple to order a new card and use it immediately,” CIBC says.
Advantages of the new service, the bank explains, include:
- A simpler, seamless process — requesting a replacement credit card and activating it no longer requires a phone conversation, making it easier for clients to bank on the go.
- More convenience and peace of mind — the lost credit card is deactivated right away and a replacement card is ordered immediately.
- Replacement card instantly ready to use on mobile — for clients already using their cards in a mobile wallet (Apple Pay, Google Pay or Samsung Pay), the replacement card is uploaded automatically and ready for use instantly, leaving no need to wait for a physical card to arrive.
- Less setup time with Apple Pay and app integration — for clients that don’t have Apple Pay set up, the replacement card can be added to Apple Pay directly from the CIBC Mobile App the following business day, so they can make purchases before their physical card arrives.
“CIBC is proud to be the first of the big five banks in Canada to offer clients the ability to replace a lost or stolen credit card through online and mobile banking, giving clients peace of mind and minimising the disruption that comes from having to wait for a replacement card to arrive by mail,” explains Lynne Kilpatrick, the bank’s head of card products.