Bank of America Merrill Lynch (BAML) has announced a service for its US cardholders: those using corporate, commercial and purchasing cards in the United States will be able to use Apple Pay, Google Pay and Samsung Pay to make business purchases, starting this month.
This, says the bank in its statement, will enable faster, more secure and more efficient business purchases, with the same convenience of personal transactions.
Faster card payments
Bank of America has offered mobile payment services to customers, clients and merchants since 2014, but it says the addition of mobile wallets for commercial cardholders is new to the industry. BAML's Hubert J.P. Jolly said: “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 its statement the bank explains that mobile wallets work by substituting an account number with a token and an automatically generated number that is loaded onto the mobile device (also known as a virtual card number). Because the client’s actual account number is not stored on the device and the merchant never has access to the actual account number, the client's data is protected. For additional security, the mobile wallet typically requires identity confirmation, such as a thumbprint or pass code, to complete transactions.
Like this item? Get our Weekly Update newsletter. Subscribe today