American Banking and Market News reports that Bank of America Corp and Visa have announced they’ve teamed up to test a mobile payment system after rumors began circulating that a number of cell phone carriers would test a competing system by partnering with Discover Financial Services.
According to a report from Reuters, Bank of America Corp will begin testing its pilot program in the New York City area in September, which will allow users to make payments with their smartphones in lieu of their credit cards. The test is expected to run through the end of the year. Visa told Reuters that it will also test a similar program with U.S. Bancorp, which is slated to launch in October.
The program will initially be open only to select employees and customers whose phones will be outfitted with small RFID-chips, the report said.
Monday, August 23, 2010
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