CHARLOTTE, N.C.—Bank of America is adding mobile wallet functionality to its suite of commercial card products.
BofA said its corporate cards are now compatible with mobile wallets including Apple Pay, Google Pay and Samsung Pay, citing business travelers' mobile payment needs as a top motivation behind the initiative, reported Pymnts.com, which added that support for a range of mobile wallets adds to BofA’s existing mobile corporate payment service capabilities.
“Cardholders will no longer have to search for their physical wallet for every business purchase,” said Hubert J.P. Jolly, Bank of America head of financing and channels in a statement. “The result should be faster transactions and greater peace of the mind for the cardholder.”
Bank of America touted the additional security of mobile wallets and tokenization as one reason for the move.
Bank of America’s announcement comes less than two months after the bank announced the launch of a mobile app for customers using corporate prepaid cards, Pymnts.com noted.