Bank of America has expanded its mobile wallet capacities for corporate customers in EMEA and APAC.
The bank first established cellular wallet in america and Canada in 2018, and this growth makes it the very first commercial bank issuer to offer you the technologies to corporate customers globally.
The bank’s customers using its company Travel and Purchasing cards from EMEA and APAC are currently able to utilize Apple Pay® and Google Pay® to create and handle card purchases. This makes its customers’ lives easier through quicker, more secure and effective business transactions, while offering the identical advantage they experience within their private banking. With social distancing being overriding at the moment, a simple and fully contact-free payment experience is even more relevant for consumers.
“This new functionality underlines Bank of America’s investment in enhancing the cardholder experience,” stated David Voss, head of Commercial Cards for Global Transaction Services (GTS) EMEA. “Our business lives are increasingly digital and mobile, and the same applies to making payments. Enabling our clients to transact using their mobile devices delivers convenience, security and efficiency.”
“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,” stated Clara Wang, head of Asia Pacific Corporate Payables, Cross Currency and Commercial Cards Products, GTS. “Our clients in APAC and EMEA can now conduct transactions on the go quickly and more securely, providing them with time and cost benefits.”
To help safeguard customer information, cellular wallets utilize a procedure called tokenisation, in which sensitive card information is replaced with a token. When making a payment through cellular wallet, just the token is passed to retailers rather than the true card information. This enhances payment protection because it prevents exposure of card info to retailers. For extra safety, when making a payment with cellular wallet, the cardholder will have to complete identity verification, such as facial recognition, a thumbprint or passcode, to finish the transaction. This confirmation procedure happens about the cardholder’s cellular device and generally replaces the requirement to enter a PIN on the merchant’s terminal.
This cellular pocket capacity is available to customers in 29 nations in EMEA and APAC, together with additional countries anticipated to be additional. Mobile telephones and smart watches will also be supported.