Visa plans to launch digital wallet during this fall

Visa plans to launch its click-to-buy digital wallet during this fall in Canada and US and it can be used for online purchases and mobile purchases as well.Visa has made its announcements with regard to this and these purchases would be based on Near Field Communications or NFC – an inbuilt feature in most of the smartphones.

Visa’s main aim in introducing this digital wallet is to offer customers the ‘Visa’ experience in the online as well as mobile commerce. Customers will thereby be able to enjoy the same sense of security and reliability that they used to from the present offerings from their Visa accounts as well as point-of-sale services.

Chairman and CEO from Visa, Joseph Saunders has stated that these new solutions from Visa will help in giving customers a better choice, control, as well as convenience as it will help in the growth of businesses for their customers. This will essentially help in creating a win-win situation for merchants, customers, as well as banks and financial institutions as new account holders will be brought into the Visa fold as the abandoned online shopping carts would now be reduced.

Visa will now be working with mobile operators and thereby localize the mobile wallet service. It would work with financial institutions in different nations and will concentrate on developing nations where there is more potential due to the increase in credit card issuance and mobile subscriptions as well.

Visa also states that the digital wallets will also handle non-Visa along with Visa payment accounts in addition to a range of transactions that will include mobile and online commerce. It also includes transactions which are carried out through micropayments, social networks, as well as person-to-person payments. Visa will also offer its support on NFC transactions through the Visa payWave mobile apps. Users will now have to enter the email ID or their online IDs with the password to use the click-to-buy function. There is no need for any security code, account number, or expiration date. Now the ‘dynamic authentication technologies’ are also being explored by Visa in order to make their operations more secure.

Users will also have privacy settings on their digital wallets and customers can also gain control over their accounts and they can access these accounts based on their needs. Some special offers will also be pushed by Visa through merchants. Users can have the option of availing discounts and use the promotional offers from merchants.

Visa plans to launch digital wallet during this fall

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