Visa’s V.me Mobile Wallet Expanding in the UK
Eighteen months after its launch, Visa Europe’s V.me digital wallet service is finally gaining the support it needs to expand the program throughout the UK. The program was first established in November, 2013, with the intention of improving online shopping experiences for consumers around the world.
Visa claims the V.me wallet saves time when a consumer shops online since it only asks for a consumer to enter an email address and password. In addition, the wallet has enhanced security since the cardholder’s details are shielded from the website.
Visa dropped V.me in the United States, Canada and Australia last year in favor of a similar online wallet known as Visa Checkout. Checkout currently has the support of 260 financial institutions and 140 merchants worldwide, with over four million registered users. V.me’s numbers, while not officially released, have paled in comparison to Visa’s alternative online wallet.
If V.me can match the success of Checkout, this could mean great earning potential for merchants and credit card issuers involved with the V.me program. According to Visa, Checkout has a 69% customer conversion rate, meaning that roughly two out of every three consumers using the program will buy the items they are interested in while using Checkout. Visa claims this rate is 66% higher than the average conversion for online checkout systems.
Only time will tell if V.me can have the same powerful impact in the UK.