V.me – Visa’s Diwali Gift to American consumers.

On Diwali ‘The festival of lights’, Visa announced the exit of V.me (Future of Payment) from Beta mode to a full-fledged commercial launch. With Christmas around the corner, and shopping budgets expected to zoom, Visa has decided to ride the shopping wave with V.me.

Two of the largest retail banks, PNC and U.S. Bank, and some big online merchants’ viz., including 1-800-Flowers, PacSun, Shoebuy.com, Buy.com, and MovieTickets.com, are now part of the V.me platform.

V.me is an open platform, i.e, it supports Visa cards, but also rival card issuers such as MasterCard, American Express and Discover.

The end consumer has to load up their cards into V.me, and then use the V.me checkout option to choose the preferred card for online shopping check-out.

V.me was launched in 2011, and by 2013 it has plans to roll out V.me to Point of Sales (PoS ) terminals too.

The selling pitch to merchants is built around the motivation that customers will find it easier to remember an email address and a password, instead of the complete 16 digit card number and associated data.

It would be great if the billing cycle too can be captured in the V.me page, as this would enable the card users to choose their preferred card based on the billing date.

Of course, V.me is free for the card holders. Visa expects revenue from merchants, as merchants might see a decline in online abandoned checkouts.

Wondering when V.me will be launched in India.

Re-disseminated by Prashant N. Banker by daytime, Blogger by night.

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