Only months after launching a mobile all for its corporate prepaid card customers, Bank of America Merrill Lynch continues to expand its digital offerings for its corporate clients. As of today, corporate cardholders in the U.S. can now use BofA Merrill Lynch mobile wallet on Apple Pay, Google Pay, and Samsung Pay.
In a statement emailed to Bank Innovation, Hubert J.P. Jolly, head of Financing and Channels in Global Transaction Services at Bank of America Merrill Lynch, said:
Cardholders will no longer have to search for their physical wallet for every business purchase. The result should be faster transactions and greater peace of mind for the cardholder.
Mobile wallets are gaining popularity among many banks, especially on the retail side, who see it as a better way to protect customer data. This is because digital wallets typically use a virtual card number, instead of the actual account number. This way the account number is not stored on the device, nor does the merchant have access to that information.
Among users, mobile wallet adoption is still slow. A recent report showed that on the consumer side, only 13% of iPhone owners used Apple Pay in 2017, while only 5% of Samsung customers used Samsung Pay during that year, and 7% used Google Pay.
This new product is indicative of BofA Merrill Lynch’s ongoing efforts to digitalize banking services for its business clients. In fact, in its Q2 earnings in July, BofA CEO Brian Moynihan said the bank would invest up to $500 million in technology and innovation throughout this year and next. He did not specify how much of that was going to the commercial side, but it seems like the bank is already paying close attention to that line of business given these recent developments.
Aside from today’s announcement, the bank earlier this year launched a mobile app for its eight million commercial prepaid cardholders, added a virtual card assistant for corporate clients, and launched a Virtual Payables product, which lets users automate post-invoice payments.1 - Reader Likes This Post