Visa has today announced that its new digital wallet service, V.me by Visa, will launch in Australia later this year, offering obvious benefits to consumers as well as business owners.
The local launch of V.me follows the successful US launch of the service last year. V.me will offer consumers a simple and secure way to pay online by entering a single username and password, eliminating the hassle of entering personal details across multiple merchant websites.
Visa’s new digital wallet service allows consumers to:
- Securely store their existing Visa and other payment cards.
- Store and use multiple shipping addresses.
- Set transaction alerts for Visa cards based on spending thresholds and other criteria.
- Opt-in to additional features as they become available.
While V.me is set to change the way consumers shop online, Visa says it can benefit merchants by streamlining the checkout process and reducing abandonment of online shopping carts. Greg Storey, Visa’s Head of V.me for Asia Pacific, Central Europe, Middle East and Africa, says the service will be offered to all Australian eCommerce merchants.
“We’re excited about improving the eCommerce checkout experience and helping to boost the sales of Australian merchants who are investing in improvements to their eCommerce sales channel,” he says. “The initial reaction we have had from merchants has been fantastic. We have a number on board already, including JB Hi-Fi, Cotton On, City Beach and Lorna Jane, who will participate in V.me to provide their online customers with a convenient and secure way to pay.” he said.
V.me can be accessed via PC, smartphone or tablet, with personal account information protected by layers of security within Visa’s network. Consumers won’t be charged a fee enrol or make purchases using V.me. More than 40 financial institutions have also agreed to partner with Visa to offer V.me to their customers, including ANZ, NAB, Westpac, Suncorp, Citigroup and ING Direct.
“Consumers are increasingly shopping online where they are faced with a cumbersome checkout process, and need to enter personal account information repeatedly when making a purchase,” explains Vipin Kalra, Visa’s Country Manager for Australia. “V.me streamlines the process and addresses the growing consumer desire to shop online from any device with ease and simplicity. V.me will take the friction out of online payments, benefiting both the consumer and the merchant.”
How V.me could benefit you?
With business owners looking for ways to make it easier for their customers to buy their goods and services, Visa says V.me can help retailers:
- Deliver a consistent consumer shopping experience, however they shop — via smartphone, laptop or tablet.
- Decrease shopping cart abandonment through an easy and streamlined checkout process.
- Receive payments via mobile devices with the reliability, convenience and security that they expect from Visa.
- Increase customer engagement with opt-in, additional offers, over time.
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