Say goodbye to cash and credit cards.
Visa has announced plans to roll out a digital wallet in the US and Canada.
Visa's "digital wallet" will store your Visa and non-Visa account numbers, expiration dates, billing and shipping addresses, rewards program accounts, and e-coupons, behind Visa-level security. It will include a "click-to-buy" feature that authorizes Visa to complete a transaction when you fill out your username and password.
The significance here is that this will work in with smart phones and that will change the way we buy products. As Daniel Indiviglio writes in The Atlantic, Visa is the biggest player in the credit and debit card markets so a digital wallet and smartphone-capable payment functionality is a game-changer for the industry. Visa is so big that everyone else must follow. Because so many consumers use Visa cards, they will have to change the way they pay for their purchases.
Welcome to the future of retail.
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