BofA to Test Retail Payments With Cell Phones (BAC)

Bank of America Corp BAC plans to begin a test program next month that lets customers use smartphones to pay for purchases in stores. The program, set to run from September through the end of the year in the New York area, is the biggest step yet by the biggest U.S. consumer bank toward creating a "digital wallet" with a host of financial capabilities built into the latest, most sophisticated mobile phones. Bank of America and other major U.S. banks, technology companies and cell phone providers are jockeying for the lead in a technology some say could become a primary means of everyday purchases. To read the rest, head over to FOX Business.