BofA Tests New Mobile Payments Product

by Mercator Advisory Group 0

Bank of America is testing a mobile payments product that enables consumers to pay at a store register by scanning a QR code with their smartphones. The technology, developed by Paydiant, does not require merchants to purchase new hardware, as the solution is software based. The pilot is limited, lasting three months, with only five merchants participating and only bank employees have access to the application.

“The pilots provide us with the opportunity to explore innovative mobile solutions, engage our customers and utilize their feedback,” [Bank of America] spokeswoman Tara Burke said.

Paydiant currently is testing its technology with five banks and financial services companies, although the other participants have yet to be publically announced.

Click here to read more from Reuters.

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