As you asking I am telling Bank of America had Introduces Square-Like Mobile Payment Service in 2012 , its called Mobile Pay on Demand, a new service that lets merchants accept credit card payments with a mobile device.


In this service by using a mobile payment app along with a small card reader that plugs into the headphone jack of an iPhone, iPad, or Android phone, users can process Visa, MasterCard, Discover, and American Express payments directly through their device.

Funds are then transferred into a Bank of America business checking account as soon as the next business day. There is a 2.7 percent fee per swiped transaction, and a 3.5 percent fee for keyed-in transactions.

Bank profile :

Type Public
Traded as NYSE: BAC
S&P 500 Component
Industry Banking, Financial services
Predecessor Bank America
NationsBank
Founded October 17, 1904; 111 years ago (as Bank of Italy)
February 1930; 86 years ago (as Bank of America)
1998; 18 years ago (current)
Founder Amadeo Giannini
Headquarters Charlotte, North Carolina, United States
Area served Worldwide
Key people Brian T. Moynihan
Chairman & CEO
Products Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, credit cards,
Revenue US$82.50 billion (2015)
Operating income US$21.89 billion (2015)
Net income US$15.89 billion (2015)
Total assets US$2.14 trillion (2015)
Total equity US$256.2 billion (2015)
Number of employees 220,000 (2015)
Divisions Bank of America Home Loans, Bank of America Merrill Lynch