Bank of America Banking on Mobile Technologies

Bank of America is rapidly adopting mobile technologies for the sake of its long-term business model. That’s according to a new report by Reuters indicating that BoA is now testing a technology that “allows a customer to pay at a store register by simply scanning an image with a smartphone.” The pilot program is being …   Read More

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Bank of America is rapidly adopting mobile technologies for the sake of its long-term business model. That’s according to a new report by Reuters indicating that BoA is now testing a technology that “allows a customer to pay at a store register by simply scanning an image with a smartphone.”

The pilot program is being tested in Charlotte, North Carolina, where the second-largest U.S. bank is headquartered, and marks the latest effort by a financial institution to come out on top in the race to determine how people will pay for things in the future.

Although multiple financial services companies have hopped aboard the mobile payments train, BoA has been among the most aggressive early adopters. As a result, Bank of American hopes to secure a big chunk of the global mobile payments market, which Gartner expects to top $171 billion for 2012.

For now, the pilot test will last three months and only the bank’s employees will have access to the program.

“The pilots provide us with the opportunity to explore innovative mobile solutions, engage our customers and utilize their feedback,” bank spokeswoman Tara Burke tells Reuters.

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