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Bank of America is joining the list of financial institutions offering Visa’s V.me digital wallet service. BofA announced it has begun piloting the product to its online banking customers.
V.me is Visa's entry in the digital wallet space. It gives consumers the ability to make online purchases quickly via any device by securely storing information like payment credentials, billing information and ship-to addresses in the cloud. That's particularly important when shopping on a mobile device where entering information on a tiny screen can be frustrating.
“We look at everything through the lens of the customer and continue to prioritize security, privacy, and fraud protection above all else,” said David Godsman, online and mobile solutions executive for Bank of America. "We believe our customers shouldn’t have to forgo security for convenience when using a digital wallet. V.me offers customers a greatly simplified and secure checkout process when shopping online without sharing their financial information.”
BofA said customers can enroll in Visa’s V.me service through their online banking account. The service will only work on websites of participating merchants, however.
“Visa is committed to delivering a new dimension of convenience and security, one where consumers are no longer required to share personal information at checkout,” said Jennifer Schulz, Global Head of eCommerce, Visa Inc.
"We believe that Bank of America’s decision to offer V.me to its vast customer base will accelerate merchant adoption and make this digital wallet even more valuable to consumers," Schultz said. "In the end, the most successful payment platforms will be the ones with the greatest focus on security and the most benefit to consumers and merchants."
BofA's news comes two weeks after V.me announced its initial list of 50 FIs that will offer access to the V.me digital wallet. Those FIs include BB&T, U.S. Bank and PNC.
For more stories like this, visit the digital wallet research center.