says its digital wallet service has passed a milestone as the payment mechanism moves towards the mainstream.
The company today announced new partnerships with 15 European internet payment service providers (IPSPs) including Sage Pay, the Logic Group and Verifone, in a move that it says will increase the reach of its digital wallet, V.me.
“The relationships we’ve announced today provide us with the scale and reach that will make V.me by Visa into a fully operational commercial service in its launch markets, with pilots underway in several others by the end of 2014,” said Wendy Martin, director of V.me by Visa.
Currently the wallet can be used in the UK by Nationwide customers, while other European launch markets include France and Spain. Pilots are also running in Poland and Ireland. Visa says more partnerships are likely to emerge over the year ahead. By 2020, it predicts, a third of its customers will use the service.
The V.me digital wallet enables customers to store their credit card details for three-click payment at retailers. Currently some 4,000 retailers accept V.me payments, through Visa Europe’s existing partnership with IPSP Worldpay. They include PC World, Currys and Clarks, via a range of devices including smartphones and tablet computers.
“We’re now expecting a significant increase with the confirmation of the new partners we have committed,” said Tash Toothill, director of retail engagement at Visa Europe.
She added: “What we bring to a retailer is the trust of the Visa brand. Retailers will absolutely know they get paid when a customer uses the Visa wallet. There’s also scale because Visa’s accepted worldwide and has strong existing reationships with banks, customers and retailers.”