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Visa unveils digital wallet
SAN FRANCISCO (5/12/11)--Visa has unveiled its version of the digital wallet, and credit unions will be among the financial institutions supporting the pilot program. On Wednesday, the company announced plans to introduce a one-click payment system through which Visa customers can sign up for a set of credentials that will allow them to pay for items online with a single click. The digital wallet concept simplifies the process of buying online, which can be cumbersome for people who have to re-enter their card numbers and personal information each time they want to make a purchase online. In the press release announcing the product, Visa Chairman and CEO Joseph W. Saunders said Visa hopes the digital wallet will help reduce “abandoned shopping carts,” in which online shoppers select products but abandon the buying process when asked to enter the banking information. The digital wallet also will help expand financial inclusion to mobile users who lack access to traditional financial services, Visa said. Among the credit union organizations supporting Visa’s digital wallet are Card Services for Credit Unions, Pentagon FCU and PSCU Financial Services.


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