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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now