Big Boost for Visa’s Digital Wallet
Visa’s digital wallet product, V.me, grew significantly yesterday with the addition of two major banking partners.
Bank of America, with an estimated 30 million online customers, and the Royal Bank of Scotland have both agreed to offer V.me.
Earlier this month, Visa announced that V.me was being offered by more than 50 financial institutions, including PNC, U.S. Bank, BBVA/Compass and BB&T.
A digital wallet simplifies the online shopping experience by automatically entering an enrolled customer’s credit card number as well as the bill-to and ship-to address information. This decreases shopping cart abandonment.
Two dozen retailers now offer V.me as a payment option at check out, including Buy.com, Living Social, 1-800-flowers and MovieTickets.com. V.me works on a smartphone, PC or tablet.
Visa’s digital wallet service is “open”, meaning that it works with not only with Visa but also with MasterCard, Discover and American Express.
V.me competes with MasterCard’s PayPass, American Express’ Serve, Google Wallet and PayPal.