V.me - new trend on digital wallet market
V.me is a multi-channel digital wallet by Visa, which was released in May 2012. In comparison to Visa Europe, V.me has undergone some outstanding changes.
Developers of V.me have solved usability issue. Unlike Visa Europe it is utterly simple to use. There is no need to enter your long card number, expiration date, bill-to and ship-to information (as it was in Visa Europe system) to make a transaction. All your cards, not only from Visa, but from MasterCard, American Express and Discover as well, are stored in one account. All you need to do is login to this account and choose the card you like.
Simplicity and convenience of usage are not just a pleasant bonus for customers, they are “Must-haves” for payment systems and digital wallets.
V.me is not only a digital wallet to store all your cards and bank accounts in one place. It is said that it is going to support other payment methods as NFC, barcodes or QR codes.
With the help of its banks partners Visa plans to distribute V.me as it has done with its branded plastic cards. V.me has already launched this initiative in the USA. U.S. Bank, Pentagon Federal, TCF Bank and 50 other financial institutions already offer V.me.
V.me expands borders of its distribution. One of the largest banks in Spain BBVA confirmed that will be official issuer of Visa’s digital wallet. What is more, V.me system is to be tested in several other countries: UK and France. V.me will be available officially in Spain, France and UK by the next summer.
Security of payments via V.me is on the high level. All card details are hidden from the merchants. Especially it is useful when users pay to totally unknown merchants.
Many newbies of digital payment world face the problem of lack of users and merchants. Customers cannot properly explore all merits and functions of new systems and abandon it for better days. Merchants do not use it as well, because it is not really popular among consumers.
Visa has done a good job by educating its customers and attracting more merchants. Here users can learn information about how it all works. For the merchants Visa is creating reward programs and other benefits.
Visa offers white-label digital wallet for eBusinesses. White-label wallet is less costly to implement on their websites then attempts to create their own digital wallet. Visa assures that all transactions made with V.me will be fully authenticated, and conducted with the same customer’s liability protection and lower interchange fees.
According to all features which V.me has, it might become widespread soon. V.me will be a worthy competitor on the digital wallet market.
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