“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,” Rothacker reports. “At stake is a gargantuan market for global mobile payments, which the consulting firm Gartner expects to exceed $171 billion this year.”
Rothacker reports, “Bank of America launched its pilot last week at five merchants in Charlotte. The test will last three months and only the bank’s employees have access to the program. They can use newer iPhones and phones that use the Android operating system. Burke declined to comment on whether the bank is still considering using NFC technology but said it continues to test and monitor the marketplace. That technology suffered a setback this month when Apple did not embed NFC chips in its iPhone 5.”
“In the latest test, customers store their payment cards on a computer server and when they pay, they use an application on their phone that scans a Quick Response code displayed at the register,” Rothacker reports. “The technology currently works with QR codes but could be adapted to other methods that connect a user’s phone to a retailer… In the Bank of America trial, Gardner said, one restaurant is using codes printed on receipts, allowing customers to pay at their table and leave.”
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