Bank of America Rolls Out New Mobile Payments Tools

June 27, 2019         By: Steven Anderson

Bank of America, love it or hate it, has been front and center on the mobile payments development front for years now. In fact, it just dropped word our way about another new development, giving its already potent mobile banking app an extra punch. The bank recently added a digital debit card to its lineup, as well as a mobile orders platform that makes ordering foreign currency that much easier.

The digital debit card, the reports note, comes with the same protections as a regular version, and can actually replace the physical variety. With the new digital card, customers can pay in stores or online—even in apps—and keep their card details contained in the app itself. It even works with ATMs, so those who’d rather ditch the ATM card for a smartphone can do so.

The mobile orders tool, meanwhile, allows for easy resupply of foreign currency. Where previously, you might have had to go to a travel agency or wait for weeks at a bank, customers can now place an order for foreign currency and pick it up at their branch of choice. They can even have it delivered to their home, complete with delivery notifications at every point. This works especially well for travelers, either business or pleasure, who may be needing cash in other countries.

Some smaller improvements were also made; Bank of America stepped up its ATM network as well as its financial center operations to give customers more options, and also released its own rewards program, Preferred Rewards.

Having already won the “Best in Class” award from Javelin Strategy & Research three years running now, Bank of America’s push to improve an already high-end product is worth taking note of. This is likely a necessary development, however, as the field advances continuously. Those current best in class operations don’t stay that way without new advances themselves; a rock in the middle of the river may be in front of a toy boat, but that toy boat moves.

At any rate, Bank of America’s dedication to keeping its mobile payments operations at the top of the heap is an inspiration to the rest of the field. Or at least, it should be.