Visa announces new digital wallet using smartphones

By Grant Arnott | 13 May 2011

The “digital wallet” has been talked about for some time – Visa intends to make it a reality later this year, with a new product aimed at enabling faster, easier mobile payments through smartphones, securely storing user data.

Visa has announced the impending launch of a new digital wallet in the US to tap into the relatively small but high-potential mobile shopping market. “Digital wallets’ enabled by smartphones have been touted for some time, and the launch of Visa’s version will be a significant milestone for mobile payments technologies.

The Visa digital wallet features click-to-buy functionality, which will expand the company’s mobile commerce offerings and enable consumers to pay via their mobile device rather than using their credit card. The biggest change coming is Visa will store the card information in the mobile wallet, allowing the user to make payments by logging in with an email and password, more like PayPal, rather than the 16 digit card number, expiry date, etc.

According to the company, the new offerings are expected to include a secure cross-channel digital wallet and a range of customised mobile payment services that address the specific requirements of the different markets around the world.

“Consumers have a great deal of freedom with financial capabilities,”  Jennifer Schulz, head of global product strategy of innovation and ecommerce at Visa, Inc., Los Angeles, told Mobile Commerce Daily. “Mobile is a core component of our overall initiative. A lot of online shopping is happening on mobile and in a smartphone environment.”

 

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