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  • Bank of America Corp. (BAC) is Planning to Launch Digital Wallet with Visa

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    Monday August 23, 2010 at 09:02 am EST
     
    Bank of America Corp. (BAC) will convert your SmartPhone into a Credit Card that pays without Touch.
     
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    Bank of America is developing a Touch free payment system in partnership with Visa and will be testing the same in the next few weeks in New York region. The new system will be capable of contactless payments to be made often termed as a digital wallet. These kinds of systems are already prevalent in Japan and are quite popular. bank of America corp. (BAC) will try to implement it gradually throughout the nation if successful. The system  will work by inserting small chip in to smartphone or its case.


    When the phone makes close contact with the payment device, the payment  will be authorized and the customer will sign on the receipt. Apple Inc. (AAPL) is also planning to develop a similar system for the next generation iPhone where consumers will get freedom from carrying credit cards anymore. All tey have to do is bring their phones near the payment device and the payment  will be done. Apple inc. (AAPL) has not commented on this yet. It will be interesting to see how this technology works in the future.

    Bank of America Corp. (BAC) Shares are trading at $12.87 which is  just below the support level of $13.14. 
    Resistance levels above - $13.65, $14.24, $15.49 and $16.38
    Support Levels below - none. Shares of Bank of America corp. (BAC) are signalling a bullish trading day ahead.


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