Visa said more than 180 banks and credit unions are participating in Visa Checkout, including U.S. Bank, Bank of America, BB&T Corp., BBVA Compass, Chase, Citi, ICBA Bancard, Navy Federal Credit Union, PNC Bank N.A., Regions Bank and Wells Fargo Bank.
The credit card company said retailer Neiman Marcus has already begun using the service. Other retailers expected to use the service include 1-800-Flowers, Beyond the Rack, Cineplex Entertainment, Jos. A. Bank, Live Nation and Ticketmaster.
Visa Checkout will replace the V.me service introduced in 2012. Visa said its first priority is the security of all transactions. As with plastic credit cards, transactions over Visa Checkout will be bolstered with triple encryption in the network, Shrauger said.
The company will launch a multimillion-dollar advertising campaign on digital and social sites and on broadcast TV to explain Visa Checkout. Two online video ads presented at the press event included one showing a woman buying a dress in less than 10 seconds from a tablet while aboard a plane, just before the flight attendant asked for devices to be shut off.
Visa processes payments for 14,000 financial institutions globally, works with 36 million merchants and has 2.2 billion cardholders.
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