Visa Inc. (NYSE: V) announced today that Bank of America (NYSE:BAC) has agreed to offer Visa’s digital wallet service called V.me and has begun piloting it to its online banking customers. This service gives customers the ability to make simple and secure online payments without the hassle of constantly entering card account number, bill-to and ship-to information.
“We look at everything through the lens of the customer and continue to prioritize security, privacy, and fraud protection above all else,” said David Godsman, Online and Mobile Solutions executive, Bank of America. “We believe our customers shouldn’t have to forgo security for convenience when using a digital wallet. V.me offers customers a greatly simplified and secure checkout process when shopping online without sharing their financial information.”
Bank of America customers can enroll in Visa’s V.me service through online banking. Once enrolled, customers can shop with comfort knowing they are protected by layers of security within Visa’s industry leading network. Customers will also be able to check out with a few clicks, eliminating the need to enter card, billing and shipping information for each purchase. The service will work on websites of participating merchants.
“Visa is committed to delivering a new dimension of convenience and security, one where consumers are no longer required to share personal information at checkout,” said Jennifer Schulz (@Jen_Schulz), Global Head of eCommerce, Visa Inc. “We believe that Bank of America’s decision to offer V.me to its vast customer base will accelerate merchant adoption and make this digital wallet even more valuable to consumers. In the end, the most successful payment platforms will be the ones with the greatest focus on security and the most benefit to consumers and merchants.”About Visa: Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 24,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com. About Bank of America: Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with approximately 5,500 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.