Visa is planning to launch a digital wallet and services platform that will initially be made available in the U.S. and Canada during fall 2011. The company announced 14 banks and financial institutions that will be directly involved with the digital wallet system. Visa will leverage NFC for its digital wallet initiative, making it possible for smartphones, tablets and other mobile devices to utilize the service. In addition, Matt Hamblen at Computerworld reports that Visa has designs on converging the technology with click-to-buy desktop e-commerce payment systems and person-to-person transactions within social networks and other online settings.
Visa's Head of Global Product Strategy Innovation & eCommerce Jennifer Schulz said:
Convenience is incredibly important to allow for consumers to use their currency online.
Visa's digital wallet will store the users' bank information, including credit and debit accounts for Visa and other cards. Customers will be able to order items using one email address or ID and password, rather than having to plug in their mailing addresses and credit card numbers at every site. The platform will also allow for discount offers from merchants, similar to deals from companies like Groupon and LivingSocial, according to The Huffington Post.