Cash, check or charges are all outdated methods of payment. With some help from Visa, we might be that much closer to the utopia of the cashless society. By this fall, Visa Digital Wallet will be up and running, writes Wired.
Most important part is the Near Field Communication technology
The announcement from Visa for Digital Wallets will change the cell payments race. More individuals will try and go faster with it. Using a phone for transactions is something customers really want. Retail businesses and credit card corporations have also been waiting for this. With secure Near Field technology short-range communication, that day is almost upon us.
"The widespread adoption of Internet and mobile technology is changing the way people connect and transact across the globe," said Visa chairman and CEO Joseph Saunders in a statement. "We're focused on delivering locally tailored payments products and services."
Customer behavior with Visa Digital Wallet
Experts predict that not only will NFC technology make mobile payments the preferred method of transaction, but other technology that Visa and others are developing will streamline the one-click purchasing experience online and allow customers to consolidate accounts from multiple financial institutions in one place.
Right now, Visa has become a commerce-focused technology company in several ways.
"When you think about what's impacting commerce, you have one overarching trend: the continued adoption of electronic forms of payments," said Visa executive Jennifer Schulz to Wired. "People are migrating away from cash and check and using electronic capabilities. … We've seen the use of and ubiquity of mobile devices really driving consumer behavior."
Get in Google
In the next few months a Google mobile payment service will be launched, MocoNews.net reports. The NFC system will benefit any retailers with VeriFone Systems developed in New York and San Francisco. Both Android smartphones and the iPhone 5 will support NFC. The future versions of the iPad will also have it.
All the financial institutions want a piece of Visa Digital Wallet
According to Schulz, several large name banks want a piece of Visa's Digital Wallet project. This consists of PNC Bank, U.S. Bank and Royal Bank of Canada. Before the launch in the fall, more partners will likely be announced.
Visa Media Center
'What would the ideal payment experience look like?'