Although
more than a third of retail banking customers think that banking
technology advances too fast, it is no secret that alternative
delivery channels are fast becoming an essential part of banks’
distribution strategy.
As banks’ push towards alternative delivery
channels is accelerating, card issuer Visa is to introduce a
digital wallet to the North American electronic payments landscape
as early as autumn 2011.
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The key features of the digital wallet
will include:
- Click-to-buy functionality:
Consumers will be able to make purchases by entering their email
address, alias or online ID and a password. This functionality will
eliminate the need for a billing address and card details. Visa
said it is considering authentication technologies to add extra
security to online purchases. - Cross-channel payments
solution: The digital wallet will be available for
use across Visa and non-Visa accounts, as well as via mobile,
eCommerce, social network and retail point-of-sale
environments; - Preference management:
Consumers will be able to personalise their digital wallet,
setting preferences for how the digital wallet will work, customise
features such as privacy settings and choosing particular accounts
for purchases of certain amounts or particular merchants, and - Merchant offers: Customers
can choose to receive promotions from participating retailers.
Visa said that the service would also support
near field communication via its contactless payWave
technology.
The card issuer is partnering with various
banks and financial institutions, including:
- Barclaycard US;
- BB&T Corporation;
- PNC Bank;
- Royal Bank of Canada;
- Scotiabank;
- TD Bank Group (US and Canada), and
- US Bank.
Visa’s new product will be customised to the
requirements of different markets, the card issuer said.
The chairman and CEO of Visa, Joseph W
Saunders, said that the service could integrate the unbanked
sectors across Visa’s global reach.
