Bank of America introduces mobile payments

In the United States, the Bank of America is piloting a program that will allow customers to purchase goods using their smartphones.

The program comes as various tech publications have reported Apple is experimenting with a mobile commerce project, which could be included in the company’s next iPhone.

As reported by Information Week, both the Bank of America and Visa will deploy programs later this year that will allow users to pay via their phones. One BOA spokesperson said mobile payments are a “critical capability”.

Some customers in the New York area will be invited to install chips in their phones, which will allow them to send digital signals over some short distances. Payments will be made by waving smartphones near devices in stores.

The initial retailers that will accept payments include McDonald’s, Burger King, Walgreens and the New York City taxi service.