Bank of America, which already issues MasterCard-branded contactless credit cards, intends to use contactless stickers as a transition channel to more advanced mobile payment options such as NFC-porwered chips embedded in the users’ mobile devices, the same source points out.
Recently, Bank of America has partnered Visa to launch a test program designed to allow consumers to make payments via their smartphones. The test program marks Visa’s bid to enable US consumers to create NFC-powered “digital wallets” incorporating financial capabilities. The program allows select New York-area employees and customers to install small chips, supplied by Visa and its technology vendors, in their smartphones that emit radio signals over very short distances.
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