Bank of America gets into card swiping with Mobile Pay on Demand, because 29 can play at that game

Bank of America gets into card swiping with Mobile Pay on Demand, because 29 can play at that game

To call the mobile-based card processing business crowded would be a slight understatement -- launching a reader is nearly an instinctual reaction for commerce outlets that see Square running away with the market. What's to stop a bank from joining the fray? Bank of America doesn't see anything wrong, as it's starting up a me-too service through Mobile Pay on Demand. The headphone jack reader with Android and iOS support will seem very familiar to anyone who's been paying attention; the company does have some tantalizing lures for entrepreneurs, however, such as an ever-so-slightly lower 2.7 percent fee per transaction as well as a year-long deals marketing service subscription for any 2012 sign-ups. US shops that haven't already jumped on the bandwagon with Square (or Groupon, or Intuit, or Pay Anywhere, or PayPal or VeriFone) can pre-order a reader today and start taking payments on December 3rd.