Visa and Bank of America introduce new smartphone chip
Earlier this month, Verizon and T-Mobile were among a number of mobile service providers that announced plans to integrate smartphones and credit card data. Now, Bank of America and Visa have announced a new partnership to make shopping easier for consumers.
By waving a card near a smartphone with an installed data chip, consumers can complete transactions on a whim. Bank of America and Visa plan to begin a trial run in September, but whether it will be a success depends on consumer trust.
Since several mobile service providers revealed plans to combine phones and credit card information, analysts say consumers have been weary of the notion due to security concerns. With data theft becoming a common problem, many shoppers fear falling into fraudulent debt.
Consumers with security concerns can monitor their credit on a regular basis to detect any signs of fraud. By reporting any suspicious activity to credit card companies, shoppers can prevent future debt.