Visa to launch 'wallet' for phones, online buying

May 11, 2011 By PETER SVENSSON , AP Technology Writer

(AP) -- Visa Inc. is making a virtual "wallet" that can hold people's card account information for faster checkouts at online shopping sites and real-world stores.

The "wallets," coming this fall, are one step in the process of updating today's system for credit and . They'll work with new smartphones equipped with chips that can talk to some credit-card terminals already in stores.

Visa doesn't issue cards, despite its logo on them. Rather, it processes payments for that issue Visa-branded cards. It said banks that support the "" strategy include U.S. Bancorp, TD Bank Group, BB&T Corp., PNC Bank and Barclaycard U.S.

Visa had already signaled that it would promote an "open wallet" model for payments using cellphones. That would let consumers add any compatible card to their cellphones, then tap them to pay.

Competitor MasterCard Inc. and a consortium formed by phone companies T-Mobile USA, AT&T Inc. and Verizon Wireless have plans for their own "wallets." It's not clear yet whether MasterCard holders will be able to use Visa's system, and vice versa.

In extending the "wallet" model to online shopping, Visa would compete with eBay Inc.'s PayPal and Google Inc.'s Checkout, both of which allow users to add multiple cards and use them to pay on various sites. However, Visa has a much larger network of sites that accepts its cards.

Explore further: Creating the fastest outdoor wireless Internet connection in the world

3 /5 (1 vote)
add to favorites email to friend print save as pdf

Related Stories

Tickets, coupons among uses for tap-to-pay phones

Feb 21, 2011

(AP) -- Cell phones are usually used to communicate with people far away. This year, they'll get the ability to do the opposite: communicate with things that are close enough to touch.

Visa becomes next target for WikiLeaks backers

Dec 09, 2010

(AP) -- The websites for Visa and MasterCard were inaccessible for parts of Wednesday, likely the result of attacks by WikiLeaks supporters who are angry that the credit card companies had stopped processing ...

Recommended for you

Impoverished North Korea falls back on cyber weapons

6 hours ago

As one of the world's most impoverished powers, North Korea would struggle to match America's military or economic might, but appears to have settled on a relatively cheap method to torment its foe.

Five ways to make your email safer in case of a hack attack

7 hours ago

The Sony hack, the latest in a wave of company security breaches, exposed months of employee emails. Other hacks have given attackers access to sensitive information about a company and its customers, such as credit-card ...

2012 movie massacre hung over 'Interview' decision

7 hours ago

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.