With the boom in online and mobile shopping, it just seems a little obsolete nowadays to pay with a good ol’ credit card. Well, Visa thinks so, too.
In a bid to gain more territory over digital payments, Visa plans to roll out a digital wallet in the fall that allows customers to pay for items with a single click. This service will store the customers’ bank information, including credit and debit accounts for Visa and other cards. Customers could order items using one e-mail address or ID and password, rather than plugging in their mailing addresses and credit card numbers at every site.
“E-commerce is our fastest growing channel,” said Jim McCarthy, the head of global products at Visa, to the NYTimes. “We know we can do a lot to improve the experience in the e-commerce environment.”
The company also hopes to implement the wallet on mobile phones using near-field communications technology that would let consumers take advantage of the single-click payment process.
Among other features, consumers will be able to customize and control how their wallet works. Retailers can also send shoppers discounts and promotions through the wallets.
The company is currently in talks with several banks, including the U.S. arm of Barclays PLC, PNC Bank, US Bank, and TD Bank Group.
But of course, Visa isn’t sticking just domestically with the concept. It wants to branch out to other countries with both developed and more emerging economies.
In more developed countries that have the mobile capacity and necessary electronic payment systems, the digital wallet would also support NFC payments through mobile devices.
In more emerging economies with a large number of mobile users, Visa wants to team up with local financial institutions and network operators to give consumers in those countries a way to pay, receive funds and manage their accounts through their mobile phones.
“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,” Visa CEO Joseph Saunders said in a statement.
Nevertheless, Visa still faces solid competition as it ups its digital offerings. MasterCard, American Express and Discover Financial Services are apparently all looking to make purchasing more convenient and up-to-date.
But of course, this is good news for the rest of us in this saturated market. More options? We’ll take it.
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