Visa's new digital wallet will enable faster shopping, transactions on social networks
By CO Staff @canadaone | May 11, 2011
This fall Visa will launch a digital wallet that will let consumers make a purchase with one quick click, and enables transactions across multiple online platforms, including social media networks.
A key part of the announcement is the ability to do micropayments, as well as mobile commerce and person-to-person payments.
While exact details for the wallet have not been finalized, Visa has said that it will likely include the following features in its digital wallet:
Click-to-buy: Saves time buy letting you make a purchase using only your email address or online ID and a password. No need to enter your billing address or credit card details. (It also makes keeping your login credentials difficult to hack very important!) Visa has said it is looking at ways to add dynamic authentication technology as an added security measure.
Consolidation: A single wallet can be used to manage multiple Visa and non-Visa payment accounts.
Control: Consumers will be able to customize how their wallet works, adjusting privacy settings and accounts to be used.
Rewards: There will also be opt-in features to help consumers take advantage of discounts and promotions from participating merchants.
For the launch of the digital wallet Visa will target countries that already have established electronic payments infrastructures as well as extensive Internet penetration in terms of usage and mobile network reach. Initial partners announced for the launch in Canada are the Royal Bank of Canada, Scotiabank and TD CanadaTrust.
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