QUEBEC CITY, June 7, 2012 /CNW/ - CIBC (CM: TSX) (CM: NYSE) - Participants in the Canadian mobile payment space, including financial institutions, wireless providers, networks and regulators, must act now and put a renewed focus on clients if Canada wants to be a leader in mobile payments, says the Honourable Jim Prentice, P.C., Q.C., Vice Chairman of CIBC.

Speaking to the Canadian Payment Association, Mr. Prentice said that innovation in mobile payments is going to happen suddenly and if Canada and its financial institutions want to be leaders they must find ways to innovate.

"Consumer issues should be paramount. And what consumers want is all of the security, safety and soundness they have come to expect, but with added speed and convenience," said Mr. Prentice. He added that Canada has the right elements for moving ahead with innovations in mobile banking and was second only to Singapore in a recent Mobile Payments Readiness Index.

Mr. Prentice also spoke about the partnership between the Canadian Bankers Association and the financial services industry to create voluntary guidelines for mobile banking.