Many retailers are beginning to see electronic payment methods, such as mobile, as key to retaining consumers and spurring purchases.
As a result, financial institutions are jumping on board to broaden their offerings. For example, Bank of America recently announced that it is testing a new mobile payment service that uses quick response (QR) codes to allow customers to pay for items, CNET reports. Using the technology, customers will be directed to scan a QR code featured on a retailer's register or check with their phones. This will unlock the individual's bank information, allowing the financial institution to complete the transaction. This is not the same as other mobile payment technology, such as that developed by Google and Isis. While those two providers require near field communications (NFC) technology to be present both in the phone and at the retailer, BofA's QR code plan works as a scanner. QR codes may become a more widespread electronic payments options, especially as the most recent version of the iPhone isn't equipped with NFC capabilities.