Bank of America expands commercial contactless payments

The bank initially launched its mobile wallet across the US and Canada in 2018

Bank of America

Bank of America expands commercial contactless payments. Source: shutterstock.com

Bank of America has announced the expansion of its mobile wallet capabilities for corporate clients in EMEA and APAC.

The bank’s Corporate Travel and Purchasing cards’ clients in EMEA and APAC are now able to use Apple Pay and Google Pay for purchases. This way, users get a faster, contactless, and more secure way of carrying out business transactions.

Clients are looking for even more secure ways to pay, and mobile wallets deliver a fully digital payment experience, avoiding potential exposure of sensitive card credentials. Our clients in APAC and EMEA can now conduct transactions on the go quickly and more securely, providing them time and cost benefits
Clara Wang, head of Asia Pacific Corporate Payables, Cross Currency and Commercial Cards Products, GTS

The bank’s mobile wallets use a process known as tokenization, where sensitive card data is replaced by a token. When making a payment via mobile wallet, only the token is passed to merchants instead of the actual card data. As a result, this prevents exposure of sensitive card information to merchants.

For additional security, the cardholder will need to complete ID confirmation, such as facial recognition, a thumbprint, or passcode, to complete the transaction.

This mobile wallet is available to users in 29 countries in EMEA and APAC, with additional countries expected to be added.

We’ve reported that Warren Buffett has invested $813 million into Bank of America stock. The investment boosts his total holding in the lender by 3.6% to nearly 982 million shares or 11.3% of the business.

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