Fourteen US and Canadian banks have signed up for the launch later this year of a multi-platform digital wallet that can be used for e-commerce, m-commerce and mobile contactless transactions and includes mobile payment, NFC and coupon capabilities.
Visa has unveiled a digital wallet solution which is designed to provide “a secure cross-channel digital wallet and a range of customized mobile payments services that address the specific requirements of geographic markets around the world.”
The digital wallet will store Visa and non-Visa payments accounts, support NFC payments and deliver a wide range of transaction services including e-commerce, mobile commerce, micropayments, social networks and person-to-person payments.
The service is built on the VisaNet processing network, existing credit, debit, prepaid and commercial product platforms as well as new capabilities Visa has acquired through its CyberSource, Authorize.net and PlaySpan subsidiaries.
The digital wallet is due to go live in the US and Canada during the fall 2011 and Visa has already signed up fourteen financial services players for the launch:
- Barclaycard US
- BB&T Corporation
- Card Services for Credit Unions (CSCU)
- ICBA Bancard
- First Financial Bank of Ohio
- Nordstrom fsb
- Pentagon Federal Credit Union
- PNC Bank
- PSCU Financial Services
- Regions Bank
- Royal Bank of Canada
- TD Bank Group (US and Canada)
- US Bank
Key features of the wallet are due to include:
- Click-to-buy: Consumers will be able to make purchases online by simply entering an email address, alias or online ID and a password, instead of a billing address, account number and expiration date. In addition, Visa says it is “exploring dynamic authentication technologies that will bring added layers of security to online purchases.”
- Cross-channel payments: The wallet will be able to store multiple Visa and non-Visa payments accounts and it will be possible to use it in mobile, ecommerce, social network and retail point-of-sale environments.
- Preference management: A menu will enable consumers to set preferences for how their wallet will work, allowing them to customize and control the features of their personal wallet. This will allow them to choose privacy setting options and designate which the default account will be at particular types of merchant or for particular purchase amounts.
- Merchant offers: Consumers will be able to personalise their shopping experience by opting-in to receive money-saving discounts or promotions from participating merchants.
“The widespread adoption of internet and mobile technology is changing the way people connect and transact across the globe, so we’re focused on delivering locally-tailored payments products and services,” said Joseph W Saunders, chairman and CEO of Visa. “We are introducing new solutions for ecommerce 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. 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.”
Visa head of product development Jim McCarthy outlines the payment network’s vision in a video introducing the new digital wallet: