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Visa Announces V.me Mobile Payment Solution

Nov 16 2011, 3:09pm CST | by , in News | Technology News

Visa Announces V.me Mobile Payment Solution
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V.me may challenge PayPal

I have been saying for years that I wish someone would come up with a site to compete with eBay and PayPal. We still haven't got a decent auction site to fight eBay, but perhaps the newly announced Visa V.me service might be able to give PayPal a run for its money. The service is a digital wallet that will allow funds to be added from many sources.

Funds can be put into V.me from a user's bank or credit cards. Once the account is loaded, the user will be able to shop online and pay with the V.me card or shop in retails stores using NFC tech. The catch is the stores will have to support the V.me service. If you can get money back out of the account, it would be a great competitor to PayPal.

Rather than having to swipe a V.me card online or in stress, the user would enter a password and user id combo. The service is in closed beta right now, but hopes to come to market in early 2012. Visa will also be launching a developer program.

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