Mobile Payment being Tested by Bank of America

As mobility continues to become an increasingly important aspect of our lives, more and more big-name companies are jumping on the mobile payment bandwagon.

Bank of America recently began testing a new mobile-payment system that would allow customers to use iOS or Anroid devices to scan QR codes to make purchases.

Working with partner Paydiant, the solution uses QR codes to unlock users’ bank information, stored on Bank of America’s secure network, to make transactions. The QR codes would be displayed by the register at the store, and instead of having to bring credit cards or cash along, customers could simply scan to pay.

Unlike Google’s mobile payment system, Google Wallet, which requires NFC technology, the Bank of America system would use QR codes, making the payment option more available to smartphone users. Since many smartphones are still not yet NFC-enabled, using a QR code-based mobile payment system would help with mobile payment adoption.

Currenty, Bank of America’s QR code-based mobile payment service is being tested in Charlotte, NC and will hopefully be coming to other parts of the US soon!

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