Visa, CUs Pilot Digital Wallet
SAN FRANCISCO – Visa said this morning it is working with a select group of credit unions and banks to launch a digital wallet later this year that will store Visa and non-Visa payments accounts and deliver a broad range of financial transaction capabilities.
The next-generation payments device will support contactless NFC payments through Visa’s payWave card and will interact with numerous commerce platforms—including eCommerce, mobile commerce, micropayments, social networks and person-to-person payments.
Visa plans to introduce the new technology in the U.S. and Canada this fall.
Partners in the project include: Card Services for Credit Unions, which provides payments services for more than 3,000 credit unions; PSCU Financial Services, which processes accounts for 1,500 credit unions; and Pentagon FCU, the nation’s third largest credit union; as well as PNC Bank, Barclaycard US, BB&T Corp., US Bank, Royal Bank of Canada, Regions Bank, TD Bank, First National Bank of Ohio and retailing giant Nordstrom.