FreedomPay and Bank of America have generated considerable interest with the QuickWave program. The fall of 2002 saw the launch of a QuickWave pilot program by Bank of America near its Charlotte, North Carolina headquarters. The QuickWave program pilot involves 15 downtown restaurants and shops, bank-installed equipment and about 10,000 Bank of America employees.
Participants in the trial can pay for their purchases and accumulate loyalty points by waving a small contactless card over a sensor pad. In a manner similar to the Exxon Mobile’s Speedpass payment system, the contactless card is used to reference the user’s bank account.
Transactions do not mandate PIN numbers or signed receipts, and similarly to other bankcard payment products, the user has zero liability for lost, misplaced, or stolen cards if notification is given promptly.
Originally scheduled to conclude at the end of December 2002, the pilot has been extended for an additional 3 months. As they plan for the platform’s future, FreedomPay this month selected Inside Technologies to provide its PicoPass chips and readers for the QuickWave contactless payment platform.