Bank of America is launching a New way of taking Mobile payments via a Smartphone dongle you attach, similar to Square payments.
“Presenting Mobile Pay on Demand. Pay-as-you-go convenience with a free,
secure card reader and access to funds as soon as the next business day”
You simply plug the dongle into you phone turning it into a mobile payment terminal. In combination with a Mobile App, the card is swiped, payment is received via the Merchant account and receipt is e-mailed to the customer.
It is true that this isn’t much different from Square’s offering and many people may be rolling their eyes as the big corporation co-opts other’s innovations, this could lead to a major turning point in the way we do commerce. Millions of existing Bank of America business customers will be able to easily add the service in conjunction with their existing merchant accounts.
I actually believe this period is merely a transition to more innovative solutions such as NFC (Near field communication), which allows phones to communicate with terminals instantaneously. NFC is already being built into many Android phones and people are eagerly awaiting Apple’s adoption in a future iPhone update.
Mobile Pay On Demand will be available starting December 3rd 2012 and payments will be swiped at a 2.70% Swiped rate for Visa, MasterCard, Discover and American Express.
See more at Bank of America’s Site: