Visa shifted its thinking on how it enables users to buy goods online using their mobile phones by replacing its V.me digital wallet outside Europe with Checkout, a new service that concentrates on transaction time.
“As people around the world spend more time and money online, particularly using mobile devices, they are demanding a fast, secure and frictionless way to shop using the payment cards they already know and trust,” said Charlie Scharf, Visa’s CEO.
Following feedback from cardholders, financial institutions and merchants, Visa developed an online payment experience closer to the speed of a card swipe in the physical world, indicated Scharf.
Sam Shrauger, Visa’s SVP, digital solutions, expressed the change in strategy even more succinctly.
“People aren’t looking for another wallet – they just want a simpler way to pay online, particularly on mobile devices, and that’s exactly what we designed Visa Checkout to do,” he said.
The rise of Checkout meant the demise of V.me, the digital wallet launched in 2012, although it will survive in Europe.
In fact, Visa Europe announced the wallet will expand to five new markets by the new of the year. And the firm’s digital payment efforts will be supported by an additional €200 million investment,
Elsewhere Visa is out of love with the wallet concept, it appears. Last autumn Scharf flagged up a V.me overhaul.
Another aim of the overhaul – delivered now with Checkout – was to find an easier means to integrate payment into merchant websites and apps.
A new mobile SDK is available, allowing developers to build and implement a native in-app checkout for iOS and Android devices.
Neiman Marcus, Pizza Hut, Staples and United Airlines are among the first adopters of Checkout.
Checkout is initially available in the US, Canada and Australia. Visa will give the new services some heft with an advertising campaign, starting this week on digital and social channels, and on TV later this year.