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Bank of America testing iPhone payment system

Mel Martin

Bank of America is testing a new system that will let customers make mobile payments with smartphones, including the iPhone, Reuters reports.

Testing has begun in Charlotte, N.C., where the bank is headquartered. Reuters reports the bank is using technology from Paydiant, whose mobile payment solution is in trials with several banks. The system works by printing a QR Code on a receipt or price tag. It's scanned with an iPhone or some Android models and the transaction is launched. QR coding is just one method being studied.

Previously, Bank of America explored Near Field Communication (NFC) chips, but appears to be moving on to this technology that doesn't require special hardware, just a high-quality camera phone. Some Apple fans and industry analysts have expected Apple to adopt NFC, but it hasn't happened yet.

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