CBA cautious on Visa's PayPal rival

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CBA cautious on Visa's PayPal rival

The Commonwealth Bank is yet to make a decision on whether it will participate with the launch of Visa's digital wallet, potentially making the only bank of the big four not included. 

More than 40 financial institutions and retailers have jumped on board to help launch the V.me service, due later this year, including ANZ, NAB and Westpac, as well as second-tier institutions ING Direct, Suncorp and Citibank.

A spokesperson for the Commonwealth Bank told iTnews it was assessing relevant digital wallet choices for its customer base, including V.me, and would be guided by customer appeal and compatibility with its own payments strategy.

She said the launch of V.me was "a positive development for the evolution of online payments in Australia".

The bank is a partner to MasterCard's MasterPass digital wallet, which launched in March.

Visa's digital wallet, which is already available in the US, allows consumers to pay online using a single user name and password, without the need to enter personal details at retailer sites.

Bank-owned bill payments group BPAY tried to get a similar service off the ground in 2008. The service would have been linked to bank accounts rather than cards, but the project fell over in 2011 when NAB and ANZ withdrew their support. The failed project, known as Me and My Bank Online (MAMBO), cost BPAY around $60 million.

Visa Australia country manager Vipin Kalra today said the V.Me service would “take the friction out of online payments”. It will also allow consumers to securely store their Visa and other payments cards and set transaction alerts for their Visa cards based on pre-determined criteria.

Retailers so far signed on include JB Hi-Fi, Cotton On, City Beach and Lorna Jane.

Visa competitor Eftpos Australia is also preparing to trial a range of mobile wallet products, after signing a five-year deal with mobile transactions technology group C-SAM.

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