May 12, 2011
Visa is starting to put its big payment acquisitions to work with a new a digital wallet offering that looks to bring one-click transactions to e-commerce, mobile and social networking sites. The wallet, which offers users a simple sign-in instead of entering payment information for purchases, will help consumers checkout faster and should reduce online abandoned shopping carts for retailers.
The digital wallet, which will be introduced this fall in the U.S. and Canada, leverages Visa’s high-profile acquisitions in the past year of PlaySpan and CyberSource, two online payment solutions that have been active in facilitating online payments for merchants, social networks and digital goods sales on gaming sites. The move also shows how Visa is ramping up to compete in the payments space and is ready to take on companies like PayPal and a bunch of other providers.
Visa said the wallet and services platform will store Visa and non-Visa payments accounts including PayPal information and will support NFC payments through Visa’s payWave application. The card network sees the wallet being used for everything: e-commerce, mobile shopping, micropayments, social networks and personal payments.