Lloyds Bank, Halifax, Bank of Scotland, and TSB Bank plan to launch their own bank-branded digital wallets in the coming months, joining Nationwide Building Society in offering the service. New names are expected to be announced in the coming months as the service expands in the UK throughout the year.
V.me is part of Visa Europe’s growing portfolio of products enabling frictionless commerce for retailers and consumers. Offering simple, secure online payments, V.me by Visa is designed to increase the convenience of online shopping and reducing the proportion of sales that are abandoned during the checkout process. It can be accessed online from a desktop, tablet and smartphone and can store multiple payment cards while every purchase is secured in just a few clicks.
Wendy Martin, Executive Director, V.me by Visa commented: "Online purchases are increasing three times faster than in store and 40% of click and buys are now on a smartphone or tablet. Shopping on the go is becoming the norm which means payment needs to be quicker, simpler and more convenient to match. Consumers don’t want delays entering their payment details each time, which is where V.me comes in.
The adoption of V.me by some of the UK’s biggest high street brands demonstrates the appetite for change and innovation; we want to make the online payment experience as seamless as possible, end the frustration for retailers and customers and eliminate the causes of abandoned online shopping baskets."
Andrew Ducker, Lloyds Banking Group Head of Retail Payments: "There has been a huge shift in the way consumers shop and pay for goods, cash is no longer king. We are delighted to be able to offer our customers V.me by Visa; a simple, secure and convenient payment service offered by a trusted brand.
"We are committed to providing our customers with new ways to pay, be it contactless in store or a simple one click solution online. By introducing Lloyds Bank, Halifax and Bank of Scotland wallets later this year all our customers will benefit from increased ease of making payments online, whilst being confident that these payments remain protected and safe."
Graham Pilkington, Nationwide’s Divisional Director for Banking, Insurance and Investments: "Nationwide has been pleased to offer the V.me digital wallet and welcomes the addition of others. The V.me digital wallet has clear benefits for our customers, making online payments simpler and more secure."
