Visa To Launch New Digital Payment Service | Prepaid365

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1 May 2012

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Visa is to launch a new digital payment service that incorporates all types of digital payment methods in one virtual wallet, the payment company has announced.

The new payment method from Visa is called, and is effectively a digital wallet that allows users to make payments on their laptop or mobile device.

Visa will initially launch in Spain, France and the UK in the final three months of this year, before rolling out the new service to other countries.

While the service may draw comparisons with Google’s new payment service, Google Wallet, Visa has said that there is clear distinction between the two payment services.

While Google Wallet is a payment system focused primarily on mobile payments, Visa’s can be used in a number of different scenarios.

The payment company has said that is a digital wallet, rather than a mobile digital wallet, meaning it is not restricted to mobile payments.

As well as being used for click-to-buy payments on a laptop or computer, can be used for NFC payments using wave-to-buy transactions and touch-to-buy with a mobile payment service.

“ sits at the heart of Visa’s future of payments,” said Mariano Dima, Executive Vice President of Product and Marketing Solutions at Visa Europe.

“For the first time, consumers and retailers will have a streamlined online checkout experience through an acceptance mark that offers industry-leading security and, when a Visa card is used in a wallet, the same protection and rights that come with any Visa card transaction.”

Visa has said that it will use the payments processor MobilePay for advice on the new service, and to ensure is able to meet the demand from customers and retailers when it launches later this year.

No banks or retailers have been announced as partners for the payment system, but Visa has said deals and partnerships will be announced in the near future.

Visa claims the service will be a safe and secure way of paying for things in a number of different digital ways.

However, there have been incidences recently of payment methods being vulnerable to digital thieves and pickpockets – something which could become more commonplace as digital payments become more popular.

One secure method of payment is to use prepaid credit cards. A prepaid card works much in the same way as a regular credit card, but as it is not tied to a bank account there is a greatly reduced danger of being the victim of fraud.

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