AP: Bank of America tests purchase card

Paul Nowell reports on Bank of America's QuickWave proximity payment pilot.

QuickWave is not a credit or debit card, so customers don't swipe it through a machine, punch in a PIN number or sign a receipt. It's connected to customers' bank credit cards or debit cards so the charges show up on their monthly bank statement. Moments after they wave it over the pad, customers get a confirmation and a receipt. "It benefits the customer because it's fast, it's convenient and it's secure," Bank of America spokeswoman Lisa Gagnon said. "They don't have to have cash with them to make a purchase. It helps the merchants because it attracts customers to their stores."