Similar to PayPal, Visa Checkout stores users’ credentials and enables them to pay at a merchant’s site with only their username and password. The service launched this July with PNC and other banking partners.
According to American Banker, PNC reported that customer enrollments of Visa Checkout doubled after it changed the brand from V.me (PNC declined to disclose actual enrollment
figures). Some speculate that the success is partially due to the name change. Not only is Visa Checkout more descriptive, it also appeals to a wider audience and sounds more secure.
The potential for Visa Checkout to place a bank’s card at the top of the digital wallet is enticing. When a user signs up for the Visa Checkout, they are prompted to enter their credit card information into the wallet. While the service works with any payment card, banks are hoping their card will be the most frequently used.
To see Visa’s newest offering for developers, check out its upcoming presentation at FinDEVr San Francisco held September 30 through October 1.