Hi all,

This subject has gotten a great deal of ink of late...the banks have been back and forth on this subject. However, I think this is proof positive that this will be happening soon.

Please see the link for the entire article.

Take care all,

Jay


Visa to Launch Digital Wallet for U.S. Banks


By REUTERS, May 11, 2011

http://www.nytimes.com/reuters/2011/...gewanted=print

NEW YORK (Reuters) - Visa Inc, the world's largest credit and debit card processing network, is building a digital wallet that people can use to pay for things online or with their phones instead of with traditional cards.

The network said on Wednesday it is working with several large U.S. and international banks to develop the wallet. Its partners include US Bancorp, PNC Financial Services, Regions Financial, BB&T Corp, Toronto Dominion's TD Bank and the U.S. arm of Barclays PLC.

The "digital wallet" will store the banks' customers' credit and debit card account information, both for Visa cards and other cards. People can use the wallet to pay for things online or in stores, Visa said.

The network will also have to convince merchants to put a new "one-click" button on their websites, so that potential customers can use their Visa digital wallets to buy things by clicking the button instead of by manually entering all of their account information every time they want to make an online purchase.

Banks, mobile phone operators and networks like Visa are all trying to gain a foothold in the small but high-potential market for U.S. mobile payments. Last week Isis, a separate mobile payments venture run by three of the top four U.S. carriers, said it had modified its initial goals and was now open to working with Visa and MasterCard as it introduces its own mobile wallet