Be ready for the digital wallet!
Elliot Steeles experience spans several specialist areas including fraud and risk management software, chip and PIN (EMV) migration across Europe. He is now focused on delivering Visa Europe´s payments vision in the emerging environment.
– The web has changed the way we shop and it’s brought with it a huge number of new merchants that are entirely digital. This has made card payments critical, but the experience hasn’t improved that much. It takes too long to input details, and anyway customers are still nervous about entrusting these details to anyone but the biggest and most familiar online merchants. Then there are the security measures, like those squiggly letters. People don’t like those much either, so we wanted to simplify the process with one wallet that could be used securely and quickly across multiple retailers.
– The other critical factor was making this a cloud-based wallet that would work across any kind of device. Platforms like mobile and kiosks are transforming the payment journey for people: you can search online and pay in store, or browse in store on a kiosk and have items delivered. It’s all changing, and we designed V.me by Visa so that it could adapt to these changes.
What stage is V.me at now?
– Visa Inc. has soft launched V.me by Visa in the US with partners like the U.S. Bank, Bank of Tennessee, the Greater Texas Federal Credit Union, the America First Credit Union and others. Merchants include Living Social, 1-800-Flowers, Shoebuy.com, Buy.com and MovieTickets.com. We’re also running pilots in France, Spain, UK, with Ireland and Poland due in 2013. The main job for us is to get buy-in from the banks as they’ll be the ones encouraging customers to sign up.
How can you reassure customers that V.me is secure?
– Obviously there’s always tension between reducing friction and providing security. We know that. So V.me by Visa has Visa’s recognized anti-fraud engine underpinning it. And, of course, the system doesn’t share details with the merchant so that’s another bit of reassurance for shoppers. Finally, Visa is a giant and trusted organization, so we hope that this in itself will breed confidence. Elliot explains that it’s very easy for retailers to integrate V.me by Visa and they’re working closely with major payment providers like WorldPay, which many merchants use to supply checkout systems on their sites.
How will V.me evolve to include mobile and tablet?
V.me by Visa allows consumers to upload multiple debit, credit and prepaid cards and can be accessed through the internet browser of a PC, laptop, tablet or smartphone.
Although V.me by Visa will not include contactless payments at launch, it will eventually evolve to incorporate other payment technologies. Ultimately, we want the digital wallet to be the place where online transactions, person-to-person payments and
loyalty services all meet.