Visa intros digital wallet

Global payments technology company, Visa has revealed a digital wallet aimed at increasing its share of transactions in mobile payments, e-commerce, and at the point of sale, states Digital Transactions.

The digital wallet stores all the payment cards in a consumer's wallet, including non-Visa-branded cards, Jim McCarthy, Visa's head of global products, said during a press conference.

Consumers will be able to use the wallet to make mobile commerce and e-commerce purchases and purchases at the physical point-of-sale.

The digital wallet solution includes click to buy, cross channel payment solutions, preference management and merchant offers and will work on any number of digital platforms including smartphones, PCs and tablets, reports Wireless Week.

Meanwhile, Zippy Cart reveals that although PayPal may have a current foothold with its broad user base, the industry is seeing more of a demand for non-traditional forms of payments.

Merchants are increasingly adopting e-commerce solutions and digital transactions have become the norm, meaning that PayPal may have trouble continuing to dominate the market.

The Yankee Group research firm predicts the worldwide transaction value of mobile payments will reach nearly $984 billion by 2014.