Bank of America Enters Mobile Payment Market

November 14, 2012, Written By Lynn Oldshue

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.

 


This entry was posted in Credit Card News and tagged mobile payments , Bank of America , Square , PayPal , Groupon , smartphones , iPads


The information contained within this article was accurate as of November 14, 2012. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue