Nationwide in collaboration with Visa is the first to launch its digital wallet solution called 'V.me by Visa' in the UK. The service is also live in France, Spain and Poland currently. V.me seeks to make online shopping experience for credit card and debit card customers more seamless and faster.
V.me allows to store the card information for multiple credit and debit cards from Visa, Mastercard, American express and Discover cards along with the ‘Bill to’ and ‘Ship to’ address for each of the cards. V.me helps to make purchases with a single sign which is secure across all channels and devices. When making a purchase the customers need to just enter their email id and password. There is no need to retype the card information or the addresses at every purchase. V.me stores personal account information behind layers of security, so that the checkout but still safer.
V.me is not only helpful to the consumers, but it has a host of advantages for merchants as well:
- The better checkout experience provided by V.me will help the merchant with increased sales and customer loyalty.
- Improved fraud and security screening of the customers using V.me. Based on the information that is stored by the customers on V.me, Visa enables to use the same information of the returning customers relieving them of the burden of customer authentication.
- Easy to implement tool for merchants to start accepting payments using V.me. Visa also offers support in regards to onboarding, marketing tools etc.
- Visa is a trusted brand by customers and merchants alike and by affiliation with issuers, merchants can gain access to thousands of customers.
Already used by around 1400 merchants including PC World and Currys across UK, V.me plans to extend to 4000 other merchants in the UK and more merchants across Europe.
"V.me gives issuers and merchants an acceptance mark that will work across Europe. Mobile devices, tablets and the use of digital payments have changed the nature of commerce: consumers want to be able to buy from the merchant of their choice via any device without sharing their card details," said Steve Perry, Chief Commercial Officer, Visa Europe. Currently consumers can shop at a variety of retailers such as 1800flowers, Accessorygeeks, Ahnu, AutoAnything, Beach Camera, bidz, blue nile and build.com among others.
Some of the other competitors operating in this space include MyBank and PayPal. MyBank e-authorisation solution for online payments (EBA Clearing) launched in March 2013 with 28 participating banks, including nine payment banks in Italy representing 27 institutions such as Veneto Banca and Intesa SanPaolo. Its solution enables European consumers to pay for shopping via the internet or mobile channels without sharing account details.
The V.me service is now live in the UK, France, Spain and Poland, with Nationwide Building Society being the first financial institution in Britain to support it. Nearly 4,000 merchants are expected to accept V.me by January 2014. This is due to partnership agreements with major services suppliers in the payment industry, including Payzen (Lyra Network), Be2bill (Rentabiliweb), Payline by Monext, SystemPay (Natixis Paiements), Worldline (Atos subsidiary in e-payment services) and Paybox (Point VeriFone) in France as well as WorldPay in the UK. Visa says that by 2020, one third of all European consumers will be using V.me.