In what is sounding to be a service similar to PayPal, Visa is launching a digital wallet service for ecommerce shopping. Like PayPal, the Visa digital wallet will let you keep your information in the digital wallet, so that when you go to an ecommerce site, you don’t have to fill in the long forms usually required for the billing and shipping address. With this feature, I’m also making the assumption that, like PayPal, you would not be required to register at a site in order to purchase from that site.
Since this is Visa, there is a large contrast with PayPal in that there is no option to withdraw from you bank account; at least there is no mention of that ability in the article. The exception to this would certainly be if you were using a Visa branded debit card that withdraws from your checking account.
Implications for Ecommerce Site Owners
With a service like this, the consumer or buyer can remain anonymous on your site. They never have to fill out a form, leaving you with little information after the transaction has been made. How do you bring them back to your site again? When the buyer is checking out, they will have an option to opt-in for offers and future promotions. This is a really good thing, because they are actually giving you permission to send them promotions for your product.
Those site owners that store credit card information would not need to do that anymore. This means that you don’t have the liability of storing financial information of others.
- Credit Cards Declining as the Means for Online Payment (cptechinc.com)
- Visa Looks Beyond The Card With One-Click Digital Wallet (gigaom.com)
- Visa targets Amazon, PayPal with its own digital wallet (zdnet.com)