Navy Federal Credit Union has announced that it now offers its 4.4 million members V.me, the digital wallet service powered by Visa.
Billed by Visa as a secure way for consumers to pay online – whether on a computer or a mobile device – V.me streamlines the purchase by letting the customer click on a V.me button, enter his/her email and password, and that basically completes the purchase. There is no need to enter credit card information.
PayPal offers a similar service, and Google Wallet is used by some merchants in a like way. Many other players also are fighting for notice in the nascent digital wallet space.
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In its most recent public headcount – offered during its earnings call in July – Visa said 90 financial institutions, including Bank of America and PNC, offered V.me. It also said 253 merchants presently accept V.me.
V.me allows consumers to pay with a card of their choosing. It supports Visa rivals MasterCard, American Express and Discover.
As for why the $54 billion Navy Federal chose to offer its members V.me, the Vienna, Va., credit union said in a press statement: "We're always looking for ways to offer better products and simplify finances for our members."
The statement from Randy Hopper, AVP of credit card lending, added, "Offering a digital wallet service is a great way we can do this. Given that our members gravitate toward digital channels, we see this as an excellent opportunity to offer something that makes their lives easier."
In response to an inquiry from a reporter, a Visa spokesperson said "more than 50 credit unions" offer V.me. At the launch in late 2012, a number of credit unions were on board, including A + Federal Credit Union, Affinity Plus Federal Credit Union, Alliant Credit Union, America First Credit Union, CEFCU (Citizens Equity First Credit Union), Commonwealth Credit Union, Community Credit Union of Florida, Credit Union of Colorado, CSCU, Deere Employees Credit Union, Digital Federal Credit Union, Directions Credit Union, Greater Texas Federal Credit Union, Listerhill Credit Union, Members 1st Credit Union, Meritrust Credit Union, Michigan State University Federal Credit Union, Motorola Employees Credit Union, New Mexico Educator Federal Credit Union, Patelco Credit Union, Pentagon Federal, PSCU, Royal Credit Union, SCE Federal Credit Union, State Employees Credit Union of Maryland, University Federal Credit Union, and Xceed Financial Federal Credit Union.
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