CHARLOTTE, N.C.—In another sign that the contactless plastic wave is coming fast, Bank of America is moving to mass reissue NFC cards in certain markets.
While most card issuers convert account holders to NFC-enabled cards incrementally by issuing contactless plastic as cards expire, Bank of America is taking a much more aggressive approach, reported Payments Source.
In New York, Boston and San Francisco, Bank of America will force a mass NFC upgrade by mailing new contactless credit and debit cards to all of its consumer card holders in those regions.
“The surgical contactless strike will cover about four-million Visa cards, a sharp contrast to the industry standard of replacing cards only as they expire,” stated Payments Source.
“We didn’t want to go with rolling thunder or a dribble of new contactless cards—we wanted to saturate a few markets with NFC, giving us a chance to promote contactless and then thoughtfully measure progress,” Mark Monaco, BofA’s head of enterprise payments, told the publication.