Pentagon Federal Credit Union, a card processing CUSO, and a leading CU card association are among the institutions cooperating with Visa Inc. in the launch of a new payments platform that promises to significantly change how payments are handled.
New offerings are expected to include a secure cross-channel digital wallet and a range of customized mobile payments services that address the specific requirements of geographic markets around the world, the company said.
“Our new solutions deliver greater consumer choice, convenience and control while helping our clients grow their businesses. By helping to reduce abandoned online shopping carts and bringing new account holders into the Visa network, we create a win-win-win for merchants, consumers and financial institutions,” noted Joseph Saunders, CEO of Visa Inc. “In addition, we believe Visa's new payments products and services will help expand financial inclusion to the billions of mobile subscribers today who currently lack access to traditional financial services.”
The card processing CUSO is PSCU Financial Services and the card association is Card Services for Credit Unions. CSCU is the card association for credit unions that process their card transactions on the FIS platform.
Visa said the digital wallet part of the rollout will start to be available to issuers in the fall of 2011. The digital wallet will allow users of mobile phones to make the following sorts of transactions.
Click-to-buy lets consumers shop by simply entering an email address, alias or online ID and password, instead of a billing address, account number and expiration date. In addition, Visa is exploring dynamic authentication technologies that will bring added layers of security to online purchases.
The wallet also consolidates multiple Visa and non-Visa payments accounts and can be used in mobile, e-commerce, social network and retail point-of-sale environments.
The wallet includes a menu that enables consumers to set preferences for how their wallet will work, allowing them to customize and control the features of their personal wallet, from privacy settings to designating which account will be accessed based on merchant type or purchase amount.
It also permits consumers to personalize the shopping experience by opting in to receive discounts or promotions.
“The widespread adoption of Internet and mobile technology is changing the way people connect and transact across the globe,” said Saunders.