Introducing the Visa V.me digital wallet
Online shoppers lovers have a new payment method - Visa's V.me digital wallet.
As with PayPal and MasterCard MasterPass, you open an account and provide your credit card and/or debit card numbers and mailing address.
When making a purchase you simply enter your email address and password. Your 16-digit card number won't be displayed. Unlike PayPal, though, you can't use a transaction account unless there is a linked debit card.
V.me can be used from a laptop, PC or any mobile device. It eliminates the hassle of entering shipping, billing and account information across multiple merchant websites, says Visa.
Even though the service is offered by Visa, you aren't limited to loading Visa cards - it can be used for credit and debit cards issued by MasterCard or American Express.
There is no fee to use V.me and you still have the same protection as you would if you used your card. For example, Visa transactions made through V.me are protected by Visa's zero liability policy, which means you won't be held responsible for fraudulent or unauthorised transactions.
You also earn rewards in the same way you would if you were using the card directly. You can sign up to receive text or email alerts about purchase activity on select Visa cards stored in V.me.
Retailers already on board include Flight Centre, JB Hi-Fi, DealsDirect.com.au, CatchOfTheDay, Scoopon, Cotton On, Lorna Jane, Escape Travel, City Beach, Moshtix and Menulog.
MONEY VERDICT
Not having to input your card details and shipping address every time you make a purchase will certainly make life easier for regular online shoppers, even though currently there is only a relatively small number of providers on board.
Some experts say that PayPal still has the edge over digital wallets like V.me and MasterCard MasterPass because it lets you load money from your bank account without a linked debit card, and it can be used to transfer money to someone else and therefore is not just for online shopping.
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