LONDON | Visa Europe announced new partnerships with 15 European Internet Payment Service Providers (IPSPs), giving the V.me by Visa digital wallet service access to their e-commerce merchant portfolios, and supporting the continued growth and availability of Visa's digital wallet service.
Payment Service Providers supporting V.me by Visa
The agreements increase the reach of V.me by Visa and as a result, Visa expects many more retailers to have access to V.me and be capable of processing transactions by the end of 2014. V.me by Visa’s new IPSP partners across Europe are First Data, Pensio, Capita Software Services, The Logic Group, Sage Pay, CreditCall, FIS, Verifone, eCard, Dotpay, Worldline, Payline by Monext, Payzen, Paybox (Point VeriFone), and Be2Bill (Rentabiliweb).
V.me by Visa for consumers
The V.me by Visa service enables consumers to store multiple payment cards in one digital wallet. When shopping at V.me by Visa accepting online merchants, consumers are then able to make secure online payments without entering any card details or having to enter their shipping address over and over again. Upon checkout, the consumer clicks the V.me by Visa checkout button, simply logs-in with their email address and/or password (depending on the shopping device used) and clicks 'pay'.
V.me by Visa uses existing Visa transaction rails
For online shops and app developers V.me by Visa offers a checkout solution supposed to drive conversion rates and to create an improved shopping experience. Merchants capable of integrating or using V.me by Visa can process these Visa debit or credit payments over their existing processing route and merchants account. Merchants using a payment service provider or payment gateway and holding an acquiring relationship for the acceptance of Visa transactions, depend on the speed of V.me by Visa integration of their payment providers.
More V.me by Visa pilots underway
Currently the digital wallet can be used in the UK by Nationwide customers, while other European launching markets include France and Spain. Pilots are also running in Poland and Ireland. Wendy Martin, Director of V.me by Visa, said: “We are delighted that so many leading IPSPs have committed to supporting V.me by Visa. Since the service launched in late 2013 we have seen a fantastic response from our issuers and retailers. 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. 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.
Visa Europe is a payments technology business owned and operated by member banks and other payment service providers from 37 countries across Europe. Visa Europe works at the forefront of technology to create the services and infrastructure which enable millions of European consumers, businesses and governments to make electronic payments. It is not a credit card company, almost 80% of its business is on debit cards, and its members are responsible for issuing cards, signing up retailers and deciding cardholder and retailer fees. Visa Europe operates a high volume, low cost business model that provides services to its members. Its surplus is reinvested into the business and used to improve capital and reserves. In the last six years, Visa Europe has invested over €1 billion in new technology and infrastructure.
470 million Visa cards in Europe
There are 470m Visa cards in Europe while €1 in every €6.75 spent in Europe is on a Visa card. Almost 80% of Visa Europe's business is on debit cards and, in the year to December 2012, over €1 trillion (1.05tr) was spent on Visa debit cards. Annual online spending on Visa cards in Europe topped €200 billion (€212bn) for the first time in this period and now accounts for more than 20% of Visa Europe’s processed business.
Sourced from Visa Europe, March 24th, 2014