Visa Inc., the world’s largest network for debit and credit card processing will launch “Digital Wallet”, and it is expected to roll out in the United States and Canada in the fall of 2011.
Digital Wallet is built and designed in order to allow people to pay products online through the use of their phones instead of traditional cards.
To make Digital Wallet better, Visa is partnering with some of the large international banks and those in the U.S. Some of the said banks are U.S. Bancrop, PNC Financial Services, Regions Financial, BB & T Corp, Toronto Dominions TD Bank and U.S. Arm of Barclays PLC.
This new innovation brought by Visa has the capacity to store costumers account information when it comes to debit and credit card and it does not only apply to Visa cards but to other cards as well.
Furthermore, the network (Visa) is also proposing “one-click” button service to the merchant’s website. In having “one-click” button, the merchants are giving its customers the convenience in paying transactions for it will no longer require them to key in their account information every time that they have to pay a purchase done online.
In an interview, Visa’s head for global products Jim McCarthy said that in U.S., mobile payments “will more easily take off” from people using smartphone browsers in order to buy certain products online.
The development of Digital Wallet is in relation to Visa’s target of gaining from a foothold of U.S. market potential when it comes to payment and transaction done on the web.
Moreover, Visa together with its rivals in the market including MasterCard Inc. to name a few, are looking forward for ways on how people can use their phones in buying things in physical stores.