Bank of America Tests QR Code Mobile Payments
CHARLOTTE, NC- Paying at your favorite restaurant or store could soon get a lot easier.
"I'm not very good with checks, cards, money, cash... I rather just scan my phone. That's the perfect solution for me," said Leah Benjamin, an East Charlotte resident.
Bank of America is testing a new way to pay. Scanning a QR code with a smart phone unlocks account information to complete the transaction.
"The faster we get to a digital transfer of funds that doesn't require signatures or things that slow down a transaction, the better off we are," said Peter Damour, an East Charlotte resident.
UNC Charlotte public policy professor David Swindell says banks are always trying to make it easier for you spend money - which comes with risks.
"This provides another potential avenue for people to behave badly and hack into people's banking accounts. And we just don't know what the security ramifications are...yet," said Swindell.
Others caution signs are already clear.
"Lord knows this country is still weighed down heavily with credit card debt because citizens aren't always cognisant of how much money their spending when we make it so easy for them to spend it," said Swindell.
Bank of America is testing the technology at five Charlotte businesses. It won't say which ones. The three month test is only open to bank employees.