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Bank of America set to offer contactless e-money solutions
25 Nov 2010

Bank of America (BoA) has announced it is set to offer its customers a range of new contactless e-money solutions.

The firm has confirmed that it will begin issuing contactless stickers which can be attached to mobile phones and other devices to facilitate contactless transactions.  

BoA already offers a number of contactless bank cards and is also planning to expand this range of products.

"Offering contactless debit cards and payment stickers is another step in BoA's push to add more convenient, more secure and faster payment types", said David Owen, the company's payment products executive.

The payment stickers are considered to be the intermediate step in the evolution of mobile transactions before more firms begin to adopt near-field communication technology – the predicted future platform of mobile payments.

"Everybody's getting on board with this idea of mobile payments and payments being initiated from the [mobile] device," said Philip Philliou, a partner with New York-based payments consultancy Philliou Selwanes Partners LLC.

"I think these sticker trials are definitely a step in the right direction."