The new system is being touted as a mobile commerce solution that is an alternative to NFC.
Retailers seem eager to adopt the platform, since its requirements are simple; all a retailer has to do is share a simple image with consumers. This removes the need for expensive hardware and could win the support of retailers around the world.
Bank of America will test the system for three months and Paydiant, a mobile payment startup, will oversee the BoAtrial as well trials by five retailers located in North Carolina.
Bank of America has not released details of the system nor when it expects to make use of it on a larger scale. The financial institution is confident in its safety however, which is one of the primary concerns surrounding the capabilities of NFC technology.
The new image-based system, will make use ofQR codes or a similar form of technology. Bank of America will also set up online authentication to regulate access to financial information. The system will make use of a mobile application that is able to read and integrate the financial information of a user and use this information to facilitate transactions for goods and services.
The system does not make use of proprietary technology, apart from the authentication system being put in place by Bank of America, allowing it to be accessible to a wide range of consumers and retailers interested in mobile commerce.