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BizReport : Trends & Ideas archives : May 16, 2011

Fall launch for Visa's digital wallet

Visa has announced it is developing a digital wallet that will enable faster checkouts both online and in-store.

by Helen Leggatt

Scheduled to be released this coming Fall, Visa's digital wallet will enable smartphone and computer users to add compatible cards that can be used online or at stores equipped with credit-card terminals, negating the need to carry the physical card.

Online shopping and shopping via mobile devices will become quicker and easier for users of a digital wallet. Instead of the lengthy process of filling out a billing address, account number, and expiry date users need only key in their email address or online ID along with a password.

In addition, Visa provides users of their digital wallet with something close to the heart of today's digitally connected consumer - control over privacy and preference management.

"We are introducing new solutions for e-commerce and mobile devices that provide the same 'Visa-quality' experience - convenience, reliability and security - people enjoy when using their Visa cards at a retail location," said Visa CEO Joseph Saunders.

"In doing so, we are accelerating the global shift to digital payments by harnessing our brand, products, network and 50-plus years of payments experience."

Banks that are currently supported by Visa's digital wallet include U.S. Bancorp, TD Bank Group, BB&T Corp., PNC Bank and Barclaycard U.S.

Tags: digital wallet, e-commerce, m-commerce, mobile payments, online payments, online shopping, virtual wallet, Visa

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