Visa Looks Beyond the Card With One-Click Digital Wallet
Summary
Visa (s v) is starting to put its big payment acquisitions to work with a new a digital wallet offering that looks to bring one-click transactions to e-commerce, mobile and social networking sites. The wallet, which offers users a simple sign-in instead of entering payment information for purchases, will help consumers checkout faster and should reduce online abandoned shopping carts for retailers. The move also shows how Visa is ramping up to compete in the payments space and is ready to take on companies like PayPal (s ebay) and a bunch of other providers. In addition to using multiple payment options, users will be able to set preferences for which account will be tapped for certain purchase amounts and merchant types. At this point, the race is on to see who can provide a payment option for people as they look to shop online, on mobile devices and in person with the help of smartphones.