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Bank of America, Visa team on smartphone payments

updated 12:20 pm EDT, Fri August 20, 2010

Trial to begin next month

Bank of America and Visa have announced a joint plan to trial a smartphone payment system to make purchases in the New York area starting next month. While this technology has been used for some time in countries such as Japan, it would be the first time that this technology has been implemented in the US on this basis. The system like others would rely on small NFC (near field communications) chips in smartphones.

This development follows news that Apple may be developing NFC iPhones. The method being adopted by Bank of America and Visa appears to be very similar. It's not expected that Apple would take part in any of the current trial.

NFC is already very popular in Japan for purchases in stores and in transportation, and it may gain similar acceptance in Europe with plans from Nokia and others to make NFC standard in their phones next year.



By Electronista Staff
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Comments

  1. Mr. Strat

    Forum Regular

    Joined: Jan 2002

    0

    BFD

    How about doing whatever it takes so that BoA customers in Washington and Idaho can do Internet banking with smartphones like the rest of country?

  1. MyRightEye

    Fresh-Faced Recruit

    Joined: Apr 2008

    -1

    HU?

    Why can they not?

  1. Titanium Man

    Forum Regular

    Joined: Mar 2001

    -1

    Strat

    The problem is almost certainly regulatory if it's just in certain states. Internet technology doesn't stop at state borders. Ask your state legislature about laws that would prevent BoA from offering the service.

    This brings back old memories. Visa began life as BankAmericard, which was launched by Bank of American over 40 years ago.

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