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Cards

Bank of America to issue tap-to-pay cards

Tuesday 4 June 2019 | 10:29 AM CET

Bank of America (BofA) has announced it will reissue cards for Visa customers, joining the wave of companies issuing tap-to-pay cards.

In June 2019, the lender will send 4 million contactless cards to customers in New York, Boston, and San Francisco who have Visa debit or credit cards. It plans to measure usage in those markets before deciding on a broader roll out at the beginning of 2020.

Unlike some large competitors such as JPMorgan Chase and Wells Fargo, which are issuing tap-to-pay cards to new customers or as cards come up for renewal, BofA is reissuing cards for Visa customers in the mentioned areas, which have transit systems moving toward tap-to-pay or a large portion of merchants using the technology.

BofA’s move comes after New York’s Metropolitan Transportation Authority unveiled the ability to use tap-to-pay cards, which eventually will be available for all subway and bus fares. However, it is not just about public transportation: according to Bloomberg, Visa says 80 of the top 100 US retailers now accept these cards, some companies adding the technology in recent months.

More: Link
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