Visa’s digital wallet is set to enable consumers to make purchases online or via their phones instead of traditional cards. The digital wallet will store Visa and non-Visa payment accounts, support NFC payments through the companys payWave application and also provide a wide range of transaction services including e-commerce, mobile commerce, micropayments, social networks and P2P payments.
The main capabilities of the wallet will include features such as click-to-buy which enables consumers to shop via an email address, alias or online ID and password, instead of a billing address, account number and expiration date. The wallet will also serve as across-channel payments service via Visa and non-Visa payments accounts which can be used in mobile, e-commerce, social network and retail point-of-sale environments. Other functionalities will include preference management which allows consumers to set preferences for how their wallet will work customizing and controlling the features of their personal wallet as well as merchant offers which enable consumers to personalize their shopping experience by opting-in to receive money-saving discounts or promotions from the participating merchants.
Via its digital wallet, Visa plans to work with financial institutions and mobile network operators to provide consumers with globally accepted payment methods and the ability to transfer and receive funds, manage financial accounts or top-up wireless air time via their mobile handset. Furthermore, in Russia and India, Visa is set to boost account activation and usage by working with financial institutions and mobile operators to link existing card portfolios with mobile devices to give handsets payments functionality.
In countries within Africa and the Middle East where mobile device usage is high and traditional electronic payments infrastructure is less developed, Visa plans to work with mobile network operators to link new virtual mobile prepaid Visa accounts to mobile phone numbers to provide cash-in, cash-out, personal payments and mobile payments, including bill payments and wireless airtime top-up.
Visa also intends to connect existing closed loop mobile money services which provide basic mobile banking and payments services to unbanked and under-banked consumers to its global, open loop network VisaNet.
Visa is expected to launch the digital wallet in the US and Canada in fall of 2011.
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