Photo: Flickr / Johan Larsson
As with PayPass and PayPal’s digital wallet, V.Me allows consumers to shop on their smartphones, storing Visa and non-Visa accounts in the cloud along with gift cards and loyalty cards.
V.Me is available now while MasterCard and PayPal’s are expected to go live this fall.
From analysts’s perspective, embracing digital wallets was a logical step for both companies. But consumers wary of smartphone shopping will probably feel more at ease knowing the wallets are being serviced by two of the largest credit companies in the world.
“The biggest obstacle (digital wallets) had to overcome was this perception that they’re a fringe element,” said Anisha Sekar, vice president credit and debit products at NerdWallet. “Even with PayPal they didn’t receive the same legitimacy that they would as a regular credit card. They were always there in a second-hand sort of way.”
Now it seems like there’s no limit to how or where consumers can spend their money.
“Using these products just feels like an extension of what you do in your normal, physical life,” said Sekar.
And it’s only going to get better.
“Companies will be doing a lot more to make consumers feel comfortable, from imposing spending limits to signalling they’re safe with logos and other branded messages,” Sekar added.
For those still concerned about privacy issues, Sekar advises to be mindful of reusing your password and security question since these are what hackers will use to unlock the rest of your data.
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