Bank of America has launched a new patent-pending payment card that is half the size of a regular debit or credit card. The Visa-branded card, which consumers can attach to a keyring, will be made available to other banks under a royalty deal agreed between the West coast bank and Visa.
Measuring 1½" X 2½", the Bank of America mini card will initially be issued as a companion card to existing credit card customers, with a debit card version slated for introduction in the future.
The bank says the new card - which will share the same account number as the user's full-size card - will be attractive to consumers who do not wish to constantly carry wallets and purses.
The bank has retained exclusive rights to issuing the mini card for a one-year period. After this time, Visa member banks will be offered the card under a license from Bank of America in return for royalty payments.
Al Banisch, senior vice president of consumer credit products at Visa USA, applauds the innovation: "With the introduction of the mini card, Bank of America is truly helping make Visa the best way to pay and be paid by giving consumers greater choices in how they use their Visa cards."