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TheStreet Open House

Visa Introduces Visa Checkout To Simplify Online Shopping On Any Device

Stocks in this article: V

Visa, the global leader in payments, today announced the launch of Visa Checkout, a quick and easy payment service that enables consumers throughout the United States, Canada and Australia to pay for goods online, on any device, in just a few clicks.

“As people around the world spend more time and money online, particularly using mobile devices, they are demanding a fast, secure and frictionless way to shop using the payment cards they already know and trust,” said Charlie Scharf, chief executive officer, Visa Inc. “Through insights provided by our cardholders, financial institutions and merchant partners, we designed an online payment experience that continues to deliver on this promise, bringing us closer to the simplicity and speed of the ‘swipe’ in the online world.”

According to data from comScore, in the first quarter of 2014, 47 percent of total eCommerce spending in the United States was done with a Visa product 1. Security, ease of use and loyalty benefits were among the top reasons cited by cardholders when asked why they prefer to use their Visa account when making online purchases. 2

Easier Way to Pay

For consumers and online retailers, Visa Checkout offers an easy and secure way to pay online. Enrolling in Visa Checkout is intuitive and simple, and shoppers can use any Visa debit or credit card or even other branded cards to make purchases from a PC, mobile device or within a mobile app. Once enrolled, shoppers simply provide their username and password to complete the payment process -- without ever having to leave the merchant’s website.

The online checkout experience continues to be a consumer pain point with shopping cart abandonment rates as high as 68 percent 3, according to research firm, eMarketer. In many cases, consumers have to click through multiple screens, filling out detailed information before completing a purchase. The problem is even more pronounced as devices become smaller with 86 percent of shoppers never completing their purchases on mobile devices 3.

Strong Merchant Participation

Neiman Marcus, Pizza Hut, Staples and United Airlines are some of the newest merchants who will offer Visa Checkout. They join other top online retailers, such as 1-800-FLOWERS®, Beyond the Rack, Cineplex Entertainment, Jos. A. Bank, Live Nation, lululemon athletica, MovieTickets.com, Newegg, Rakuten.com, Teleflora, Ticketmaster, TigerDirect and Wine Enthusiast which plan to use Visa Checkout for quick and easy payments. Visa Checkout replaces the V.me by Visa service, first introduced in 2012.

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