Bank of America, Fit Pay to accelerate wearable and IoT payment adoption

This collaboration enables the bank’s customers to use their credit or debit cards to make contactless payments directly from devices that are integrated with the FitPay payment platform at NFC-enabled point-of-sale locations and more than 9,000 Bank of America ATMs.

As a part of the agreement, Bank of America will participate in FitPays Digital Wallet Program, which enables manufacturers of Internet of Things (IoT) and wearable devices to add contactless payment features to their product, making it possible for consumers to pay for goods and services at near-field communication-enabled (NFC) point-of-sale terminals with a simple tap. The platform uses tokenization, a payment security technology that replaces cardholders account information with a unique digital identifier (a token), to transact contactless payments.

The collaboration includes ensuring that the devices meet the bank’s technical usage, security, branding, and consumer experience requirements. Product announcements from the manufacturers of these devices are anticipated for 2017 and 2018.