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Visa digital wallet to arrive in Australia for holiday season

Adam Bender | July 9, 2013
The service lets consumers store and pay with more than just Visa cards

Visa is one of many companies that offers or has plans to offer a digital wallet. Banks, telcos, payment providers and technology companies like Google are all circling the space.

"We have a distinct competitive advantage," said Storey. "We have a very simple and easy way for the consumer to purchase."

He added that Visa has gained the support of many financial institutions.

V.me provides better security than other forms of online payment, Storey said. The wallet uses "strong authentication" and device identification to better prevent payment fraud. Also, while the merchant continues to provide the checkout experience, it no longer gains access to credit card information, which is kept securely at Visa.

While the V.me digital wallet can hold cards that are not Visa, Visa will still only be able to view transactions made with Visa cards, Kalra said.

With V.me, Visa chose not to make a mobile app but instead allow integration of the service into mobile websites and third-party apps. "We're not in the business of developing mobile apps," said Kalra.

While V.me is just for e-commerce, Visa officials said the service is complementary to Visa payWave, the company's payment technology using near field communication (NFC) chips in plastic cards and mobile devices.

Visa and Vodafone last year revealed an Android app for NFC payments.

"PayWave will move from a piece of plastic to a mobile device, and that's starting to happen already" Kalra said. "At the same time, V.me will come from a PC world to a more mobile world. And the two things will come together in a financial institution's application."

 

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