Visa Europe announced that Spanish bank BBVA will be the first financial institution to launch its digital wallet in Spain. A trial for the product will begin next month with a rollout sometime in 2013. is Visa's entry into the mobile wallet space, providing users with a comprehensive online payment solution that works across any channel, from PC to tablet to smartphone. It securely holds payment credentials and personal data and streamlines the onlinpayment process, speeding checkout — especially on smartphones, where entering personal information on small screens can be a chore — and decreasing shopping cart abandonment.

" is the new way for consumers to pay online, creating an easier, faster and more convenient shopping experience," said Mariano Dima, Visa Europe's executive vice president for marketing and products. "We are delighted to announce BBVA as the launch partner for Visa's wallet in Spain and we look forward to rolling the service out to customers across the country."

For its part, a BBVA executive said the bank has been working closely with Visa to develop the service.

"The wallet allows our cardholders to use a swift and secure payment method for online transactions, backed by two renowned and innovative brands," said David Puente, business development director at BBVA Spain and Portugal. "The BBVA wallet will also allow our merchants — both small businesses and larger retailers — to increase the reach of their internet business."

While the current product mainly supports online and mobile commerce, the product roadmap includes additional features to support contactless payments in brick-and-mortar stores as well as person-to-person payments.

Visa said it will launch in the U.K. this fall and in France after that.

For more stories on this topic, visit the mobile/virtual wallet research center.

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