BofA, FitPay hope to expand IoT payments with new pact

12. October 2017.

Bank of America and FitPay, a wholly-owned subsidiary of NXT-ID Inc., are extending contactless payment capabilities to a range of new devices, giving Bank of America customers more payment options.

The collaborative effort, according to a press release, enables Bank of America customers to use credit or debit cards to make secure contactless payments directly from devices that are integrated with the FitPay payment platform at NFC-enabled point-of-sale locations and at more than 9,000 Bank of America ATMs.

“As digital payments evolve, our goal is to give Bank of America customers access to payment options that are easy to use and highly secure,” said Mark Monaco, head of enterprise payments at Bank of America, in the release. “Working with FitPay will allow our customers to use a range of new contactless payment devices to improve the payment experience, provide a high level of security, and fit seamlessly into any lifestyle.”

Under the agreement, Bank of America will participate in FitPay’s Digital Wallet Program, which enables manufacturers of Internet of Things (IoT) and wearable devices to add contactless payment capabilities to their product, making it possible for consumers to pay for goods and services at NFC-enabled POS terminals with a simple tap. The platform uses tokenization to transact highly secure contactless payments, according to the release.

“We are very pleased to be working with Bank of America to give their customers access to the latest payment technology,” said Michael Orlando, COO of NXT-ID and President of FitPay, in the release. “Broad adoption of digital payments requires fundamentally changing the payment experience and making new payments methods widely available. Our work with device manufacturers and Bank of America is driving both of these goals.”

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