V.me Digital Wallet

V.me Digital Checkout

iCODONS is now providing technology implementation for the Visa Inc’s new digital wallet service V.me. V.me service is now available in US and Canada. By end of this year, Visa will be rolling out V.me service for selected European and APAC countries.

In terms of core offering, V.me is not very different from PayPal. V.me offers some advantages over PayPal in terms of user experience, merchant services and more importantly fraud prevention. But V.me adaptation is biggest challenge for Visa.

On adoption front, Visa is taking a different go to market strategy for V.me. V.me adoption is a chicken-egg problem. Visa is trying to tackle this on two different ways. They are directly partnering with major banks and financial institutions (13 of the top 25 banks in the U.S are now supporting V.me). Getting banks onboard means your next Visa card will come V.me enabled. This will give a massive head-first start for the V.me adaptation.

Second is getting merchants onboard by offering incentives for being early adopters. As far as we have heard the incentives for early adopters are massive. For early adopters Visa is offering

  • very low standard/transaction fee for first few years
  • initial investment/support for V.me development
  • access to mobile payments in early stage

In terms of merchant adoption Visa is focusing online first but Visa is also working with technology partners such as Samsung and HTC to bring next generation NFC-enabled mobile payment options. More than 200 US retailer including online biggies OverStock.com, LivingSocial, Newegg are already onboard - some of them are already live others are in last phase.

For developer integration of V.me into your e-commerce platform Visa is offering Application programming interfaces (API), software developer kits (SDK) via Cybersource and Authorize.net. So if you are running an e-commerce system which is already integrated with Cybersource and Authorize.net chances are you will be up and running in less than 30 days.

So talk to us about V.me integration with your existing or new e-commerce platform.