Visa Checkout Aims to be Faster Than a Mobile Wallet
Visa’s new mobile application, known as Visa Checkout, hopes to speed up the checkout process for mobile phone users.
Visa Checkout looks similar to V.me, which was launched in 2011. However, this program functions in an entirely new way, acting as a virtual credit card and not as a mobile wallet. The goal is to help consumers make transactions within five seconds.
“When you look at the real pain point for consumers … they don’t want a wallet. They just want to pay and be done,” said Sam Shrauger, senior vice president of digital solutions at Visa.
Visa Checkout stores your credit card information into a special account one can use while checking out with select stores and applications online. A thumbnail of the card shows up as an option for payment. Simply enter your username and password, and your payment will be complete.
Visa Checkout, which competes with MasterPass and PayPal, can be used with other non-Visa credit cards, much like any traditional mobile wallet. But Visa emphasizes this is not a mobile wallet. It is your credit card, digitized for the world of mobile payments.
Visa has not yet released any information regarding the security of Visa Checkout, but the company insists they will ensure their users are protected while using the product.