Visa claims slow rollout of V.me mobile wallet is now gathering pace – Mobile World Live

Visa claims slow rollout of V.me mobile wallet is now gathering pace

05 MAY 2015

Credit card giant Visa Europe said there is now widespread support for V.me, the digital and online wallet which first debuted in the UK with the Nationwide building society back in November 2013.

The card firm said banks representing 55 per cent of UK cardholders are committed to a commercial introduction of V.me at scale this year.

Visa Europe also claims the support of thousands of the country’s retailers, including new additions such as the Arcadia Group (owner of Top Shop, Miss Selfridge and others), Iceland and Bathstore.

Banks and retailers will roll out the service nationally from June 2015. But Visa Europe has taken its time getting to this point, following the wallet’s service launch by Nationwide 18 months ago.

V.me is designed to make mobile and online shopping more straightforward for consumers, so improving completion rates.

Yet separately-owned Visa Inc dropped V.me in favour of Checkout last summer, a new service that also concentrates on reducing transaction time.

Last week Visa CEO Charles Scharf told investors on the company’s Q2 2015 call that Checkout now has 260 financial institution partners and 140 merchants live globally. To date it has over over 4 million registered users and over $46 billion in total addressable volume for the service.

In addition to the US, Checkout is also available in other countries, including China where it launched at the end of March. China Merchant Bank is the first financial institution in China to introduce Checkout to its customers. In the coming months, other banks are expected to follow.

In April, Visa started marketing campaigns in both Australia and Canada, in partnership with merchants in those regions. Its target is to be live in a total of 16 markets this year.

Visa claims Checkout customers convert to buyers 69 per cent of the time, which is a very high score. In fact the credit card firm claims it is 66 per cent higher than conversion rates reported with traditional on-line checkout.

Scharf also updated on Visa’s tokenisation efforts, which lay behind the launch of Apple Pay last year and will also be behind Samsung Pay’s launch later this year. “And we have several clients developing new HCE based applications in our sandbox as we speak,” he added.

Author

Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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