Nov 13 Bank of America Corp on Tuesday
said it is offering small business customers a credit card
reader that can be used through their smartphones, adding
competition for providers such as Square Inc.
Bank of America Merchant Services, a joint venture between
the No. 2 U.S. bank by assets and First Data Corp, said "Mobile
Pay on Demand" will be available starting December 3. It works
with smartphones and Apple Inc iPads.
The service comes with a free app and reader, the bank said.
Merchants pay swipe fees with each transaction.
The device is the latest entry in a changing payments
industry that includes "mobile wallets" in which customers use
their smartphones to make purchases and new types of point of
sale terminals for merchants.