Visa launches digital wallet service in UK
06 May 2015 - 10:45 by Mike Price
Visa has become the latest company to enter the mobile payments market in earnest by launching its own service in the UK, according to the Financial Times.
Known as V.me, the service is set to go live next month and will benefit from partnerships that Visa has created with various retailers, including the likes of Topshop and Iceland.
The digital wallet is not something that Visa has only just created, as a limited version of this service has been available for two years. But rather than being restricted to customers of a single building society, V.me is now being rolled out to any UK consumer who wants to carry out safe shopping online or in-store.
The V.me app is set to be available on various smartphone platforms and the idea is that people can add their own payment card information to it, enabling them to then make purchases via the web or at high street outlets, without having to use a separate card.
Within the next decade it is expected that, globally, the amount of money being spent via mobile devices will enter the tens of billions, which is why companies like Visa are keen to get in on the act early. And, of course, V.me will be competing with Google, PayPal and other providers of digital wallets.
Experts admit that there are some concerns about the security of using digital wallets rather than traditional cards or cash to pay for products, whether purchased via safe shopping online or during a visit to a bricks and mortar store.
However, consumers are proving themselves to be keen advocates of digital payments and m-commerce alike, suggesting that there is little that can stop the momentum of this emerging trend, especially with Visa now getting onboard.