Visa would roll out a digital-wallet service this fall that could be utilized to purchase things online or with the wave of a smart phone.
The biggest processor of credit and debit card payments San Francisco company said that digital wallet will be initially launched in the U.S. and Canada, with the collaboration of major card issuers, banks, credit unions and retailers.
Visa and non-Visa accounts will store in digital wallet and support near-field-communication payments with smart phones well-matched with payWave of Visa scanners established in retail locations. PayWave, previously discovered in several stores, permits users to wave a unique key-tag or computer-chip-equipped credit card over a scanner to pay for goods or services.
Its digital wallet would be capable to handle payments online, utilizing a phone, on social networks and person-to-person payments also, Visa said.
Visa said the digital wallet will as well comprise a “click-to-buy” choice, which will work with online retail websites to permit users to pay by “entering an e-mail address, alias or online ID and password, instead of a billing address, account number and expiration date.”
Visa added that between the financial institutions it was working with on the digital wallet are Barclaycard US, BB&T Corp., Card Services for Credit Unions, ICBA Bancard, First Financial Bank of Ohio, Nordstrom, Pentagon Federal Credit Union, PNC Bank, PSCU Financial Services, Regions Bank, Royal Bank of Canada, Scotiabank, TD Bank Group and US Bank.
Sara Gorman, Paypal spokesperson said, “We’re light-years ahead. More than 98 million people around the world have already trusted us with their digital wallets.”
photo credit: computerworld.com