Bank of America has inked an agreement with Fit Pay, a wholly-owned subsidiary of NXT-ID, to speed up the adoption of wearable and IoT payment technology.
Pursuant to the agreement, Fit Pay will expand its contactless payment capabilities to a number of new devices, which will enable the bank’s customers to tap and pay easily.
Furthermore, the bank will participate in FitPay’s Digital Wallet Programme that allows IoT and wearable devices makers to add contactless payment capabilities to their product.
Now, Bank of America’s clients can use their credit or debit cards to transact secure contactless payments directly from devices which are integrated with the FitPay payment platform at NFC-enabled point-of-sale locations and over 9,000 Bank of America ATMs.
In order to protect sensitive data, the new platform taps tokenisation technology that replaces cardholders’ account information with a token to complete secure contactless payments.
Bank of America head of enterprise payments Mark Monaco said: “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.
“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.”