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Visa Announces V.Me Digital Wallet Strategy

October 18, 2012

Visa announced the debut of its V.me digital wallet with PNC as its first U.S. banking partner.

Visa announced the debut of its V.me digital wallet with PNC as its first U.S. banking partner and 1-800-flowers as a key merchant.

The agreement with PNC will involve V.me’s integration with PNC’s Virtual Wallet scheme, enabling transactions made using the name-plus-password V.me authentication to automatically show up on a user’s Virtual Wallet balance, instead of having to manually enter in card and other payment data for every purchase. This promises to make digital wallets more convenient and secure.

Visa says the arrangement will initially cover 1.2 million users of Virtual Wallet, and will be extended to 6.3 million by next year. Both this agreement and the deal with 1-800-flowers show that Visa is making a strong effort to capture a piece of what Forrester Research estimates will be a $327 billion e-commerce market by 2016. A Visa representative says other, larger banking partners will soon join the V.me fold. Visa also notes that 1-800-flowers is the 24th e-commerce partner to accept V.me.

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