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September 14, 2018

BofA mobile wallets: business cards added to wallet functionality

Bank of America (BofA) Merrill Lynch has added mobile wallet functionality to its corporate, commercial and purchasing cards in the US.

These cardholders will now be able to use Apple Pay, Google Pay and Samsung Pay for their business transactions.

BofA mobile wallets enables security

The bank said that mobile wallets will help in protecting client details. Clients can securely replace an account number with a generated token or virtual card number.

This capability offers better security as the original account number is not stored on the device, and merchants will not have access to the number.

Furthermore, the BofA mobile wallets will ensure additional security through identity confirmation, including biometric or pass code authorisation, to complete transactions.

Bank of America Merrill Lynch head of financing and channels in Global Transaction Services Hubert Jolly said: “We are very pleased to announce today a new, highly convenient mobile capability to our commercial clients.

“Cardholders will no longer have to search for their physical wallet for every business purchase. The result should be faster transactions and greater peace of mind for the cardholder.”

In July this year, the bank rolled out a mobile application for its prepaid cardholders. The service is for members who get a reloadable prepaid card from an employer, government agency or business entity.

The app allows cardholders to check their balance, view transaction history, lock/unlock the card and receive relevant notifications, among others.

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