Bank of America rolls out mobile wallet to EMEA and APAC
In the latest bank-led move to expand virtual card offerings, Bank of America has made its mobile wallet capabilities available to corporate clients in the EMEA and APAC regions. This means that corporates who use the banking giant’s Corporate Travel and Purchasing cards in these regions will be able to use Apple Pay and Google Pay to make purchases and manage card spend. The bank’s mobile wallet was initially launched in the US and Canada in 2018.
In a press release, Clara Wang, head of Asia Pacific Corporate Payables, Cross Currency and Commercial Cards Products, GTS at Bank of America 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”.
BofA says that client information is secured through tokenization, so that during a transaction using the mobile wallet, only the token is passed to merchants, rather than any actual card data. In another step to reduce fraud, cardholders using the mobile wallet need to complete their identity confirmation through a mobile security function such as facial recognition, thumbprint or passcode.