BofA launching new app
Bank of America (BofA) and First Data are launching a new app and dongle-based service called Mobile Payment on Demand which turns smartphones into card readers.
Mobile Payment on Demand, allows merchants to accept Visa, MasterCard, Discover and American Express cards through their iPhone or Android handsets. The new service is similar to those on offer from Square and PayPal with users being charged a 2.7% transaction fee. The card reader and apps are free.
Once signed up to Mobile Pay on Demand, users can also access BankAmeriDeals and iDeals Marketing Platform Pro.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
