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Visa's mobile payment plan 'most comprehensive to date'

Matt Hamblen | May 12, 2011
Merchant acceptance could still be obstacle.

"The days of entering a 16-digit code and ... shipping address are over," McCarthy said.

Visa's Gajda said that while a one-click e-commerce payment system will be part of the new digital wallet system, payments will be even simpler with NFC on smartphones: "Just pass your phone over the terminal," he said.

The U.S. is considered years behind Japan and South Korea when it comes to adoption of mobile payment technologies, but Gajda said Visa's new direction "allows markets like the U.S. to catch up."

In addition to working with a variety of devices, Visa's system will honor payments made using other major credit cards, Gajda added. "People want to take their physical wallets into the digital world, and we believe that the wallet needs to be open. We know that people have multiple payment brands, and we want to give them choice."

Gajda also said that merchants "will want this technology," since they stand to see an increase in online sales if mobile devices are integrated into desktop e-commerce sales. "Consumers today aren't sure how secure those payments are, and it seems onerous when they are faced with filling in a form," he said. "A lot don't have the strength of Visa behind them."

 

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