US Bank has developed an iPhone app which will enable its retail partners to provide their customers credit via their mobile phones –removing the hassle of opening credit cards at the checkout counter. The service is currently being piloted by outdoor equipment specialist REI.
The app downloads a virtual dual-branded credit card to user mobiles that operates like a store card for in-store and online purchases. The app additionally provides access to account management features such as balance information and recent transactions.
The app will be available from other retailers later this year, and US Bank has promised to release a version for Android users in the near future.
