Visa Wallet to take on Google Wallet in 2012

Visa may have given Google its approval to use the company’s payment system for its Google Wallet service, but that doesn’t mean the company doesn’t have plans of its own.

Steve Perry, commercial director for Visa Europe, has confirmed that Visa is planning on launching its own virtual wallet system in August / September 2012.

Perry, who made the comments at the company’s first European security summit in Frankfurt, refrained from going into too many details about the service, however did reveal that you would be able to add multiple cards to the virtual wallet that would work on your phone.

“It will work with not just Visa cards from multiple banks, but other cards like American Express,” he told the delegates that included bankers, security experts and Pocket-lint.  

Perry, who seems very grounded as to the barriers that might stop adoption of the technology, added: “If the digital wallet isn’t as sexy as my current wallet, then it won’t take off.”

The features will most likely fit into the company’s current app offering rolling out over the next couple of months on Android, iPhone, and BlackBerry.

It will work in connection with an NFC chip in your phone allowing you to either use the wallet to “tap and go” on one of the many contactless terminals around Europe, or if needed, act as the kicker for larger payments after prompting a chip and pin entry on the terminal instead.

Nokia, Samsung, and BlackBerry have all said that they are launching NFC-enabled smartphones in the coming months.

Research by Visa suggests that payments initiated by mobile devices will outnumber transactions initiated by plastic cards with 10 years.

Seeing themselves as a technology company rather than a payment company, Visa hopes a number of initiatives will help it stay one step ahead while combating fraud as well.

In September the company announced a person to person payment system which will go live at the end of October allowing you to send money to other people using their mobile phone number.

The service will be able to offer single currency payments anywhere in Europe including cross border. Visa has said that it plans to add multiple currency support in the near future. 



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