Digital Wallets bring Mobile Payments to North America

The payments landscape is changing to keep up with emerging technology. The race for creating the top “digital wallets” is being joined by many international companies such as Visa and Google. In this post you will get an overview of all the digital wallets can do, using Visa’s services as an example. Visa plans to debut the digital wallet in the U.S. and Canada in fall 2011.

Visa, a world leader in electronic payments, recently announced the next generation of payments solutions. This technology will strive to be simple, reliable, and secure. Upcoming payment solutions include a secure digital wallet and customized mobile payments services.

“Our new solutions deliver greater consumer choice, convenience and control while helping our clients grow their businesses,” said Joseph Saunders, Chairman and CEO of Visa Inc.

Simplifying Commerce

The digital wallet will store Visa and payment card accounts and allow mobile NFC payments using the Visa payWave app. The wallet will have a range of transaction services for eCommerce, mobile commerce, social networks and person-to-person payment options.

Visa is working with leading payment card issuers, banks, payments processors and merchants to build the digital wallet. Among the financial institutions and organizations supporting Visa’s project in Canada are:

  • Royal Bank of Canada
  • Scotiabank
  • TD Bank Group

Expected Features of the Wallet

Click-to-buy: Shop conveniently and securely by simply entering an email address or ID and password to make online purchases.

Cross-channel payments solution: The wallet holds multiple payments accounts and can be used in mobile, eCommerce, social network and retail point-of-sale environments.

Preference management: Enables consumers to set preferences for how their wallet works, allowing you to customize the features of their personal wallet from privacy settings to assigning which account will be used depending on merchant type or amount.

Merchant offers: A service that allows consumers to personalize their shopping experience by opting-in to receive discounts or promotions from merchants.

The Future

“The widespread adoption of Internet and mobile technology is changing the way people connect and transact across the globe, so we’re focused on delivering locally-tailored payments products and services,” said Saunders.

Visa hopes to help establish worldwide payments standards and aid existing Visa account holders by providing a simple way to use mobile technology to make payments using their digital wallet.