From the Rueters article:
“We see this as a critical capability given the increasing acceptance and adoption of bank services on the phone,” Laurie Readhead, Bank of America’s head of electronic commerce, told Reuters.
Visa spokeswoman Elvira Swanson said the Bank of America pilot was not larger than the company’s other mobile trials, but she said it could have a more powerful impact on the market than some previous pilots.
“It’s a way to accelerate mobile contactless payments in the U.S. market,” she said.
Mobile payment solutions seem to be on the verge of actually happening and the competition includes device makers, credit card companies, banks and some of the emerging payment companies like PayPal and Google.
One of the largest barriers to mobile payment is the lack of devices that have NFC chips. That appears to be about to change with Apple’s hiring move and with the report that all Nokia phones will have NFC chips by 2011.