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.

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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.