Under the agreement, the two companies are set to test a technology that allows customers to pay at a store register by scanning an image with a smartphone. The pilot is set to last for three months and only the banks employees have access to it. In the test, customers store their payment cards on a computer server and when they pay, they use an application on their phones that scans a Quick Response code displayed at the register.
Paydiant provides a mobile payment and offer platform that allows banks, retailers and restaurants to deploy mobile wallet capabilities into their iPhone and Android applications. Paydiant enables retailers to accept mobile payments and offers using their existing point-of-sale infrastructure while allowing consumers to make payments, redeem offers and receive e-receipts for purchases made online and in-store using mobile wallets installed on their existing iPhone and Android smartphones.
In recent news, Bank of America has launched its online and mobile cash back deals program dubbed BankAmeriDeals.
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