B of A Tests Mobile Payment App

Bank of America (BAC) has partnered with mobile payments company Paydiant to test a service that allows customers to make purchases at a register by scanning a quick response code with a smartphone.

The technology is being tested at five merchants in Charlotte, where the company is headquartered, by Bank of America employees, Reuters reported Thursday. In the past, Bank of America has tested a different type of mobile payment technology, near-field communication technology.

Paydiant provides a cloud-based, white-label mobile payment and offer redemption platform for retailers, banks and payment processors. It lets banks and retailers integrate mobile wallet capabilities into their iPhone and Android applications.

The Wellesley, Mass., company, which was founded in February 2011, is currently running tests with five financial services companies, Reuters reported. It said in July that it had raised $12 million in new capital for product development, sales and marketing.

Jackie Stewart

Executive Editor, American Banker Magazine

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