VISA Launching ‘Digital Wallet’ For Cashless Society
VISA launching ‘digital wallet’ for U.S. banks
Thursday, May 12th, 2011
NEW YORK (Reuters) – Visa Inc, the world’s largest credit and debit card processing network, is building a digital wallet that people can use to pay for things online or with their phones instead of with traditional cards.
The network said on Wednesday it is working with several large U.S. and international banks to develop the wallet. Its partners include US Bancorp, PNC Financial Services, Regions Financial, BB&T Corp, Toronto Dominion’s TD Bank and the U.S. arm of Barclays PLC.
The “digital wallet” will store the banks’ customers’ credit and debit card account information, both for Visa cards and other cards. People can use the wallet to pay for things online or in stores, Visa said.
The network will also have to convince merchants to put a new “one-click” button on their websites, so that potential customers can use their Visa digital wallets to buy things by clicking the button instead of by manually entering all of their account information every time they want to make an online purchase.