Feeds

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

Take that, PayPal

Security for virtualized datacentres

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. ®

Security for virtualized datacentres

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
prev story

Whitepapers

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.
Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.