Rogers Communication wants to get into the banking business. The Canadian company has applied to form a bank under terms of the Federal Bank Act. They don’t intend on becoming a full-fledged banking institute, however. This banking license would give Rogers the flexibility to pursue credit card opportunities for their customers at some unspecified future date. Most likely, Rogers is interested in following the lead of fellow operators like Sprint, AT&T, Verizon, and T-Mobile, all of whom have started mobile phone payment system programs.
For more information, see http://www.broadbandreports.com/shownews/Rogers-Wants-to-Be-a-Bank-116017