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ATLANTA (AP) â¿¿ Bank of America's electronic payments division said Tuesday that it will launch its own mobile payment service next month, adding to the bevy of mobile payment options available to small businesses.
Like other online payment services, Mobile Pay on Demand will allow small businesses to turn a smartphone or iPad into a mobile point-of-sale terminal. The service will include a free mobile app, a secure card reader and no monthly or annual fees, the bank said. It will be available Dec. 3.
In August a group of big-name retailers, including Wal-Mart Stores Inc., Best-Buy Co. and Target Corp., teamed to launch a smartphone app. In addition, Google Inc. already has a smartphone payment app on some Sprint phones. And three of the biggest cellphone companies â¿¿ Verizon Wireless, AT&T and T-Mobile USA â¿¿ have a competing platform.
Payment networks Visa and MasterCard each have their own designs and apps. Square, a startup, struck a deal earlier this year to become the cellphone payments processor for Starbucks. PayPal, eBay's payment service, is on cellphones, too.
Bank of America said Mobile Pay on Demand will make it easier for small business owners to accept secure payments from customers regardless of their location and is fully integrated with existing Bank of America accounts and services.
Merchants who sign up for the service also can access a pair of marketing platforms designed to connect merchants with customers through promotional offers, online coupons and deals, Bank of America said.
Bank of America shares fell 6 cents to close at $9.34.