Visa to launch digital wallet system


7 Apr 2011
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Visa is planning to launch a new type of digital wallet system that would let consumers pay for items online with just a single click.
Tapping into the growing mobile payments technology known as NFC (near-field communications), Visa's offering could also let consumers wirelessly pay for items at retail outlets through a mobile device equipped with the digital wallet technology.
The company is promising a number of benefits through its digital wallet. Consumers could order items online in one click using a single e-mail address or ID and password instead of having to plug in their mailing addresses and credit card numbers at each retail site. To address security issues, Visa is looking at different types of authentication to make sure the purchases are safe and secure.
Consumers will be able to control and customize the privacy and account settings for their digital wallets. Finally, retailers themselves could send shoppers discounts and promotions via the digital wallets stored on their mobile devices.
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