Visa’s V.me mobile wallet to launch in 2012
A hot topic heading into 2012 is the emerging technology coined the “mobile wallet” which Visa intends to capitalize on. Expected to launch sometime in late 2012, V.me is the official brand name for their proprietary mobile wallet.
Mobile wallets refer to applications on smart devices that allow users to store debit, credit and prepaid card information to be used for POS or online payment processing. Visa’s hedging on a similar strategy they currently employ with the various banks using the standard credit card service, the V.me mobile wallet will also be made available to companies such as PayPal, ISIS and Google Checkout along with an open beta development platform.
The advantages of a mobile wallet are that they allow customers to shop and purchase without transferring sensitive payment information over to merchants via a standard debit or credit card terminal. This added level of security, combined with the convenience and flexibility of standard payment processing and the ability to shop easily using a mobile smart device, all add up to why mobile wallets are an emerging trend and gaining momentum.
Visa is hoping this trend will continue to develop and take their existing credit and debit card business in new directions. For more info on this platform by Visa, visit www.v.me.
By Evo Canada Merchant Services