On a still-unfinished floor of its expansive new One Market headquarters in downtown San Francisco today, Visa unveiled Visa Checkout, its attempt to simplify and expedite online and mobile payments. The move is meant to make it easier for both consumers and merchants to plug into the robust Visa network, which processes 43% of all Canadian e-commerce transactions today.
Replacing the confusing and under-utilized V.me, Visa Checkout “is not a wallet,” according to CEO Charlie Scharf, but a representation of where the company is moving in facilitating all kinds of payments. “Payments are no longer done with just a plastic card; financial institutions are no longer the only endpoints.”
The idea behind Checkout is take the friction away from digital payments, either in a browser or a mobile app. The announcement coincides with a new button that will appear on the pages of select Canadian retailers: ClearlyContacts.ca, Cineplex Entertainment, Beyond the Rack, World Vision, and Cymax Canada are launch partners, with lululemon, Staples Canada, Ticketmaster, Newegg.ca and Tigerdirect coming in next few months.