With retailers such as Starbucks accepting smart phone ‘wallet’ payments it was only a matter of time before major banks started to develop programs that would allow consumers to pay for transactions coming directly from their bank accounts. Financial experts worry that wallet payments will cause the number of unauthorized payments to rise until banking institutions are able to tighten up their security measures. Bank of America is ready to release a trial version of their Mobile Wallet program available for customers that have Visa or MasterCard accounts and own the Blackberry Curve. The program is still in beta testing and Bank of American plans on letting a select few try it out before releasing the program officially, but as they are one of the largest banks in the United States other banking institutions will be watching their every move.
Both retailers and banks will need to catch up with smart wallet technology if they hope to satisfy their customers. Bank of America’s Mobile Wallet program allows consumers to make instant payments for their goods and services at any locations that currently have MasterCard Paypass setup. The Blackberry Curve is extremely popular with business professionals which is probably why Bank of America has chosen to focus on releasing its Mobile Wallet program on this particular smart phone first. The company has not yet indicated when other Bank of America customers who don’t currently have a MasterCard or Visa credit card will be able to take advantage of their newest technology. It is also not clear whether or not Bank of America will consider releasing a version of Mobile Wallet that will be compatible on other smart phones. If you are curious about the technology of the Blackberry Curve know that Dialaphone has all the info on the Blackberry Curve. To find out more about Mobile Wallet visit the official website of Bank of America.