Bank of America Enters Mobile Payment Market

Bank of America has introduced a mobile payment system that turns smartphones and iPads into credit card readers.

The "Mobile Pay on Demand" service is a joint venture between the bank and payment processor First Data. It will become available on December 3.

The product allows small business owners to swipe a credit card through a plug-in card reader. The service will not have any monthly fees, and will include a free mobile app. It also has the ability to send online coupons and other promotional offers.

A number of competitors have already entered this exploding market including Square, Groupon and PayPal.

Bank of America will reportedly charge a 2.7 percent fee per transaction.

 

Discover it® Apply Now

See Details

Discover it®

Special Offer: 0% Intro APR* on purchases and balance transfers for 14 months

Editor Rating:

Chase Slate® Apply Now

See Details

Chase Slate®

Special Offer: 0% intro APR for 15 months plus no balance transfer fees within the first 60 days

Editor Rating:

Chase Freedom® Apply Now

See Details

Chase Freedom®

Special Offer: $100 bonus after you spend $500 on purchases within the first 3 months of account opening plus 0% intro APR for 15 months!

Editor Rating:

Citi® Platinum Select® / AAdvantage® World MasterCard® Apply Now

See Details

Citi® Platinum Select® / AAdvantage® World MasterCard®

Special Offer: No annual fee the first 12 months of cardmembership

Editor Rating:

Barclaycard® Ring MasterCard® Apply Now

See Details

Barclaycard® Ring MasterCard®

Special Offer: Low 8% (V) APR on purchases and balance transfers

Editor Rating: