This is a smart move by Bank of America to start testing contactless cell phone payment now.  This is a smart card in a cell phone.  Its quite prevalent now in Japan, but this is the first instance I am aware of in North America.  Many Customers will like this.

Around 500 staff at the bank’s offices in Wilmington, Delaware are expected to take part in the pilot and will use their mobile phones to pay for purchases at vending machines, in a cafeteria and at an internal convenience shop.

Source: Finextra: Bank of America begins contactless m-payments trial