Bank of America is the latest company to take on Square in the mobile-payments market.
The banking giant today announced a new service for merchants, called Mobile Pay on Demand. The offering includes a card reader that attaches to a smartphone, and allows merchants to handle transactions from the device. According to Bank of America, its service works with Visa, MasterCard, Discover, and American Express. The service will charge merchants 2.7 percent per swipe.
Square popularized mobile payments with its own card-reader-and-software combination. Square charges 2.75 percent on all transactions.
Bank of America has entered an already-competitive market … Read more