- Associated Press - Wednesday, May 11, 2011

NEW YORK (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 debit cards. 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 banks that issue Visa-branded cards. It said banks that support the “wallet” strategy include U.S. Bancorp, TD Bank Group, BB&T Corp., PNC Bank and Barclaycard U.S.


TOP STORIES
Biden trolls Trump after Stone verdict: 'Zero criminal convictions' for Team Obama
Franklin Graham calls on nation to pray for Trump as impeachment effort gains speed
Democrats huff, puff, bluff and blow, but impeachment falls down


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 terminals at retail outlets to pay. Visa says compatible cards include those from rivals MasterCard Inc. and American Express.

MasterCard and a consortium formed by phone companies T-Mobile USA, AT&T Inc. and Verizon Wireless have plans for their own “wallets.”



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.

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2019 The Washington Times, LLC.

Please read our comment policy before commenting.

 

Click to Read More and View Comments

Click to Hide