Last week, Visa partnered with PNC Financial Services Group and 1-800-Flowers.com. The partnership allows customers to use V.me, which stores credit and debit card information. With this service, one can simply enter a username and password instead of entering his or her card information when shopping on a website. PNC is making this available to 1.2 million account holders right now, but hopes to expand it to over 6 million next year.
The idea of a “digital wallet” has been going on for years. The end goal is to be able to store financial information, loyalty cards, membership cards, plane tickets, etc. all in one place with one application. For now, however, no one app has come out with all of those capabilities, nor do many stores take a phone vs. actual cards/cash.
Not everyone is a fan of this idea. American Express senior VP says, “I panic when I lose my phone … and it doesn’t have any of that. I’d be devastated if I lost it and it did.” And I’m sure many others share this sentiment.
Either way, companies see the digital wallet as the futures, so it will be interesting to see who finally comes out on top as the leader in this new industry.