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Note: Customers will be chosen to install chips into smartphones, which they will wave at point-of-sale devices in stores to complete purchases.
Starting in September, Bank of America customers will be eligible for a test program allowing them to pay for store purchases using their smartphones. The country's largest consumer bank is partnering with Visa to run the pilot in the New York area, marking the biggest step the two companies have taken so far to create a "digital wallet" with a range of financial capabilities.
Visa will undertake a similar test program in October with US Bancorp. The United States has been slow to deploy mobile payment technologies that have been used in countries like Japan, the United Kingdom, Turkey, and South Korea for years. A Bank of America spokesperson said payments from smartphones...