Bank of America has announced the expansion of its mobile wallet capabilities for corporate clients based in EMEA and APAC.
The bank’s clients who use its Corporate Travel and Purchasing cards in EMEA and APAC are now able to use Apple Pay and Google Pay to make and manage card purchases. The aim is to make clients’ lives easier through faster, more secure and efficient business transactions.
David Voss, head of Commercial Cards for Global Transaction Services (GTS) EMEA, said: “This new functionality underlines Bank of America’s investment in enhancing the cardholder experience.
“Our business lives are increasingly digital and mobile, and the same applies to making payments. Enabling our clients to transact using their mobile devices delivers convenience, security and efficiency.”
Bank of America first launched its mobile wallet in the US and Canada in 2018. According to the bank, this expansion makes it the first commercial bank issuer to offer the technology to corporate clients worldwide.
Clara Wang, head of Asia Pacific Corporate Payables, Cross Currency and Commercial Cards Products, GTS, said: “Clients are looking for even more secure ways to pay, and Mobile Wallets deliver a fully digital payment experience, avoiding potential exposure of sensitive card credentials.
“Our clients in APAC and EMEA can now conduct transactions on the go quickly and more securely. This will provide them with time and cost benefits.”
Protecting client information
Mobile wallets use tokenisation to help protect client information by replacing sensitive card data with a token.
When making a payment via mobile wallet, only the token is passed to merchants instead of the actual card data. The idea is to improve payment security as it prevents exposure of sensitive card information.
In addition, cardholders are required to complete identify confirmation such as facial recognition, fingerprint ID, or a passcode in order to make a payment.
Bank of America’s mobile wallet capability is now available to users in 29 countries in EMEA and APAC. The bank also has plans to add more countries later this year.