One of the biggest banks in the US , Bank of America has decided to create it’s own mobile payments service called Mobile Pay on Demand. The service will rival other payment services like Square. At launch the service will on both iOS and Andriod devices.
Mobile Pay On Demand will become available on Dec. 3 and is geared towards the 2 million small and medium-sized businesses that have relationships with Bank of America, but can’t afford to use one of its payment terminals, according to a statement from Bank of America EVP Trevor Rubel given to AllThingsD. It has a swipe fee of 2.7%, which is slightly less than the 2.75% that Square charges.
Bank of America isn’t the first company to try to take a page from Square and it probably won’t be the last.PayPal rolled out its own credit card reader earlier this year and Groupon is making a big push into the payments business as well.