Bank of America began testing a technology that would allow consumers to pay at the cash register by simply swiping their smart phone, according to Reuters. The program is being tested at the company’s headquarters in Charlotte, NC, and marks the latest attempt of financial institutions to win the race in determining how consumers will pay for things in the future.
As access to smart phones is becoming more commonplace for the average consumer, many companies are scrambling to find ways to turn our phones into a digital wallet. At stake is the rapidly growing market for mobile payments, which Gartner expects to exceed $170 billion this year. In this trial Bank of America has partnered with Paydiant, a company that has developed the technology necessary for mobile payment. The trial launched its pilot last week to five merchants in the Charlotte area, with the test lasting three months and allowing use only to Bank of America employees.
To read the full article, visit www.reuters.com/article/2012/09/27/us-bankofamerica-mobile-idUSBRE88Q04R20120927.