V.me by Visa
V.me by Visa is a digital wallet which allows consumers to store their debit and credit cards in a virtual wallet - serviced and secured by the consumer bank or another approved wallet provider. The V.me by Visa wallet can then be used to pay while shopping online - whether it is buying through browsers on desktop, laptop, smartphone or tablet, or for in-app purchases.
Upon checkout, the consumer selects the V.me by Visa checkout button, logs in to their wallet by entering username and password, select their card and pay. The user experience is quite similar to other e-wallet solutions like PayPal and MasterPass (MasterCard), where consumers also log in to their wallet and confirm payment.
The consumer does not have to enter card details like card number, expiry date or the 3-digit CVV2 security code every time an online purchase is made. It speeds up payment, brings ease-to-mind for consumers, and is assumed to reduce shopping cart abandonment. In other words, V.me by Visa checkouts should contribute to higher conversion rates and more online sales for merchants.
With a V.me by Visa payment, the card details are not shared with the online merchant. The wallet should bring more confidence to shoppers reluctant to use their card online due to risk of getting their card details stolen. At the same time, it lowers the burden for merchants to safeguard card data.
Existing card processing railsMerchants already accepting Visa card payments can use their existing card processing rails to accept V.me by Visa wallet payments. However, merchants depend on the support of the wallet service by their Payment Service Provider and Acquiring bank. Visa Europe has already signed contracts for V. me by Visa acceptance with 14 other Payment Service Providers, such as Nochex, Sage Pay, AltaPay and Worldline.
V.me by Visa in Germany live by end of 2015Throughout Europe, there are already 40,000 retailers which accept payments with V. me by Visa in the UK, in Poland, Spain and France. In Germany, nine of Visa Europe’s member banks have started pilot projects that enable their employees to make live transactions using V. me by Visa. In Germany, the digital wallet is scheduled to be available to bank customers by the end of 2015.
“With Computop, we have found a reliable and experienced partner to successfully implement V. me by Visa in Germany“, says Ulrich Keppler, Acceptance Development Central Europe for Visa Europe. “We expect our digital wallet to be available to first consumers as a convenient, fast and secure online payment solution by September 2015.“
Merchants to prepare for V.me by Visa
Especially for e-commerce businesses selling in the UK and Germany - the number one and two European ecommerce markets - it makes sense to start investigating and prepare for V.me by Visa acceptance.
Last month, Visa Europe confirmed it has secured commitment from 55% of the UK’s issuance base, which accounts for more than 60 million card holders, and thousands of the UK’s retailers, large and small, to commercially rollout V.me by Visa in the UK this year. Cross-border merchants with substantial card volumes and shoppers originating from these countries might also consider to further investigate the possibilities of adding V.me by Visa to their mix of online payment methods.
Computop and V.me by Visa
As part of the strategic partnership between Computop and Visa Europe, Computop will be in charge of the technical integration of V.me by Visa as an online payment solution for their german and international e-commerce merchants. Computop will also implement V. me by Visa in essential e-commerce shopping cart systems often used by small and mid-sized merchants.
Ralf Gladis, founder and CEO of Computop, also sees great potential in cooperating with Visa: “Working with Visa is a great opportunity for Computop, as it allows us to offer our e-commerce clients the potential access to 500 million Visa cards in Europe.”
About Visa Europe
Visa Europe is at the heart of the payments ecosystem providing the services and infrastructure to enable millions of European consumers, businesses and governments to make electronic payments. Its members are responsible for issuing cards, signing up retailers and deciding cardholder and retailer fees.
Visa Europe is also the largest transaction processor in Europe, responsible for processing more than 16 billion transactions annually – at a rate of 1,622 transactions per second at peak times.There are more than 500 million Visa cards in Europe, while €1 in every €6 spent in Europe is on a Visa card. Total expenditure on Visa cards exceeds €2 trillion annually, with €1.5 trillion spent at point-of-sale. Since 2004, Visa Europe has been independent of Visa Inc. Both companies work in partnership to enable global Visa payments in more than 200 countries and territories.
Computop is a global payment service provider (PSP) that provides compliant and secure e-commerce, Point of Sale (PoS), m-commerce and Mail Order and Telephone Order (MOTO) payments globally. The company, founded in 1997, is headquartered in Bamberg, Germany, with local teams in the US, UK and China.
Computop processes transactions totalling $13+ billion per year, for over 3500 large international merchants within industries such as retail, travel and gaming. Global customers include C&A, Fossil, Metro Cash & Carry, Samsung and TUI.
Sourced from Press Release by Computop, June 22nd, 2015