Bank Of America Launches Square-Like mPay Service

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Bank Of America today is launching its "Mobile Pay on Demand," a Square-like swipe-and-dongle system that allows merchants to accept card payments via mobile devices.

BoA's fee is slightly below Square's offering of a 2.75 percent fee per transaction, but more than Groupon's 1.8 percent plus 15 cents mark, reports All Things D.

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