Bank of America is trying to carve out a slice of the $171 billion global payments market  with a new technology that would allow you to pay at a store by scanning a QR code on your smartphone, Reuters  reports.
The technology, provided by payments startup Paydiant , is currently in pilot mode among employees at the bank's Charlotte, North Carolina, headquarters. Among other places, BofA is testing the new system at a restaurant, where QR codes are printed on receipts so customers can pay and leave at their leisure, Paydiant cofounder Chris Gardner tells Reuters.
It's a highly appealing concept that could apply to hotels, bars, or anywhere else that currently requires you to interact with service providers, such as waitstaff, to complete a simple transaction. Secure QR-based mobile payments could also help reduce the amount of credit card skimming that accounts for $1 billion lost annually , which is a possible reason a mobile system would appeal to an unlikely innovator in Big Banking such as BofA.
This isn't the first time BofA has done a mobile payments pilot run: In 2010, the bank partnered with Visa to test  smartphones equipped with radio chips that users could wave near a store's point-of-sale device.
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