Feeds

Visa's amazing answer to e-wallet domination: A new logo

Take that, PayPal

Top 5 reasons to deploy VMware with Tegile

Visa USA has launched its new logo, with service to follow next year, securing online payments by hosting your wallet in the Visa cloud.

The idea is that you upload details of your payment cards to Visa, even if they're not Visa-branded, and Visa will process the payment without ever revealing your card details to the merchant. Basically it's like using PayPal, only merchants have to be registered with Visa and there's no stored value, but it also maintains the protection inherent in using a credit card.

Visa logo

Just stare at the logo... don't you feel more secure already?

The "V.me" service won't launch until next year, but the website is up and accepting enquiries from merchants and developers. Merchants who register with the service just add a line or two of JavaScript and the V.me logo will appear on their site. Users who have already uploaded their card details then click on the logo to make the payment and enter a username and password in the (Visa-served) window which pops up.

The point here is that the merchant just gets a message from Visa's server saying the transaction has been approved; they don't get to see the card details or even know what card was used.

WorldPay already offers something very similar, with a UK offering costing £75 in setup fees plus a monthly subscription of £15 as well as a few per cent of every transaction depending on the volume of traffic, and that still requires the user to type their card details in every time. V.me is trying to get those card details entered once, and then secured with a username and password within its cloud.

That's much closer to the PayPal model, which links accounts to email addresses but stores credit card details in much the same way. But working through PayPal removes much of the consumer protection that paying by credit card provides: the payment is made to PayPal, not to the final merchant, so any dispute must be resolved with PayPal rather than the credit-card issuer.

V.me isn't acting as an intermediary, so should maintain one's fraud protection, though to what extent we won’t know until the service launches next year. We do know that the whole V.me is just a precursor to Visa's planned electronic wallet – something akin to Google Wallet which will allow cards to be installed into an NFC handset and used at every Visa-PayWave-equipped till, probably using the same logo. ®

Remote control for virtualized desktops

More from The Register

next story
MI6 oversight report on Lee Rigby murder: US web giants offer 'safe haven for TERRORISM'
PM urged to 'prioritise issue' after Facebook hindsight find
Assange™ slumps back on Ecuador's sofa after detention appeal binned
Swedish court rules there's 'great risk' WikiLeaker will dodge prosecution
NSA mass spying reform KILLED by US Senators
Democrats needed just TWO more votes to keep alive bill reining in some surveillance
'Internet Freedom Panel' to keep web overlord ICANN out of Russian hands – new proposal
Come back with our internet! cries Republican drawing up bill
What a Mesa: Apple vows to re-use titsup GT sapphire glass plant
Commits to American manufacturing ... of secret tech
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Designing and building an open ITOA architecture
Learn about a new IT data taxonomy defined by the four data sources of IT visibility: wire, machine, agent, and synthetic data sets.
10 threats to successful enterprise endpoint backup
10 threats to a successful backup including issues with BYOD, slow backups and ineffective security.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?