May 6, 2015
Visa Europe has secured commitment from 55% of the UK’s issuance base, which accounts for more than 60 million card holders and thousands of large and small retailers, to commercially rollout V.me by Visa at a large scale in the UK this year. The service was initially launched by Visa with Nationwide Building Society, and this announcement means that the service will now be commercially available to the majority of internet shoppers in the UK before the end of 2015. The scalable rollout of V.me would further lead to better adoption of mobile payments in the UK.
New retailers committed to the service include the Arcadia Group, owners of Topshop, Topman, Dorothy Perkins, Burton, Wallis, Miss Selfridge and Evans. Commitment has also been secured from other leading online services including Iceland, Bathstore and Costco.co.uk.
V.me is part of Visa Europe’s growing portfolio of products enabling frictionless commerce for retailers and consumers. Offering simple and secure online payments, V.me by Visa is designed to increase the convenience of online shopping and reduce the proportion of sales that are abandoned during the checkout process, currently estimated to be over 68%.
Wendy Martin, the executive director of V.me by Visa, had this to say in an official press release, We’re extremely proud to announce the commercial launch and widespread availability of V.me by Visa in the UK. A recent study by Accenture found that almost half of consumers surveyed plan to increase the number of their online purchases in the future, so we think that the V.me digital payment service is as important for the online environment as contactless is in the face-to-face environment. The uptake of the service by retailers and banks across the country will further enable frictionless commerce, making online shopping – particularly checking out – easier, quicker and safer for the consumer, reducing the abandonment rate for merchants.
V.me by Visa is a service that allows you to securely save all your debit, credit and pre-paid card details online. It saves you time and effort when you shop online because instead of manually entering your card details when you checkout, you simply log in to your digital wallet with your e-mail address and password. What's more, it’s a safe way to make online payments as paying with V.me by Visa shields your full card details from the website you’re making a payment to.