First Commercial Bank Issuer to Offer Mobile Wallet Globally Following EMEA and APAC Launch
Bank of America has expanded its mobile wallet capabilities for corporate clients in EMEA and APAC. The bank first launched mobile wallet in the United States and Canada in 2018, and this expansion makes it the first commercial bank issuer to offer the technology to corporate clients worldwide.
The bank’s clients who use its Corporate Travel and Purchasing cards in EMEA and APAC are now able to use Apple Pay® and Google Pay® to make and manage card purchases. This makes clients’ lives easier through faster, more secure and efficient business transactions, while providing the same convenience they experience in their personal banking. With social distancing being paramount right now, a smooth and entirely contact-free payment experience is all the more relevant for users.
“This new functionality underlines Bank of America's investment in enhancing the cardholder experience,” said David Voss, head of Commercial Cards for Global Transaction Services (GTS) EMEA. “Our business lives are increasingly digital and mobile, and the same applies to making payments. Enabling our clients to transact using their mobile devices delivers convenience, security and efficiency.”
“Clients are looking for even more secure ways to pay, and mobile wallets deliver a fully digital payment experience, avoiding potential exposure of sensitive card credentials,” said Clara Wang, head of Asia Pacific Corporate Payables, Cross Currency and Commercial Cards Products, GTS. “Our clients in APAC and EMEA can now conduct transactions on the go quickly and more securely, providing them time and cost benefits.”
To help protect client information, mobile wallets use a process known as tokenisation, where sensitive card data is replaced by a token. When making a payment via mobile wallet, only the token is passed to merchants instead of the actual card data. This improves payment security as it prevents exposure of sensitive card information to merchants. For additional security, when making a payment using mobile wallet, the cardholder will need to complete identity confirmation, such as facial recognition, a thumbprint or passcode, to complete the transaction. This verification process occurs on the cardholder’s mobile device and typically replaces the need to enter a PIN on the merchant’s terminal.
This mobile wallet capability is available to users in 29 countries in EMEA and APAC, with additional countries expected to be added. Mobile phones and smart watches are also supported.
Bank of America is a leader in commercial card solutions, and for the sixth consecutive year, the Nilson Report recently named the bank as the number one issuer of Visa and Mastercard Commercial Credit and Prepaid solutions by market share. Learn more about the Bank of America Mobile Wallet.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,700 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,100 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
Megan Pearson, Bank of America
Phone: +44 (0)20 7995 6977
Belle Yeo, Bank of America
Phone: +65 6678 3706