Bank of America Merrill Lynch announced on Thursday it is launching mobile wallets specifically for business cardholders. The banking group reported that starting this September, mobile wallets will begin to make its commercial clients’ lives easier through faster, more secure and more efficient business purchases while providing the same convenience they have in their personal transactions.
“Mobile wallets help protect client information by substituting an account number with a token, an automatically generated number that is loaded onto the mobile device (also known as a virtual card number). The client’s actual account number is not stored on the device, and the merchant neither sees nor stores the number. For additional security, the mobile wallet typically requires identity confirmation, such as a thumbprint or pass code, to complete transactions.”
While sharing more details about the mobile wallet launch, Hubert J.P. Jolly, head of Financing and Channels in Global Transaction Services at Bank of America Merrill Lynch, stated:
“Cardholders will no longer have to search for their physical wallet for every business purchase. The result should be faster transactions and greater peace of mind for the cardholder.”
Bank of America added it has offered mobile payment services to customers, clients, and merchants since 2014 and considers the addition of its mobile wallets for commercial cardholders is new to the industry.