Market Overview

Visa Unveils Visa Checkout

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Visa, the global leader in payments, today announced the launch of Visa
Checkout, a quick and easy payment service that enables consumers throughout
the United States, Canada and Australia to pay for goods online, on any
device, in just a few clicks.

“As people around the world spend more time and money online, particularly
using mobile devices, they are demanding a fast, secure and frictionless way
to shop using the payment cards they already know and trust,” said Charlie
Scharf, chief executive officer, Visa Inc. “Through insights provided by our
cardholders, financial institutions and merchant partners, we designed an
online payment experience that continues to deliver on this promise, bringing
us closer to the simplicity and speed of the ‘swipe' in the online world.”

According to data from comScore, in the first quarter of 2014, 47 percent of
total eCommerce spending in the United States was done with a Visa product^1.
Security, ease of use and loyalty benefits were among the top reasons cited by
cardholders when asked why they prefer to use their Visa account when making
online purchases.^2

Easier Way to Pay

For consumers and online retailers, Visa Checkout offers an easy and secure
way to pay online. Enrolling in Visa Checkout is intuitive and simple, and
shoppers can use any Visa debit or credit card or even other branded cards to
make purchases from a PC, mobile device or within a mobile app. Once enrolled,
shoppers simply provide their username and password to complete the payment
process -- without ever having to leave the merchant's website.

The online checkout experience continues to be a consumer pain point with
shopping cart abandonment rates as high as 68 percent ^ 3, according to
research firm, eMarketer. In many cases, consumers have to click through
multiple screens, filling out detailed information before completing a
purchase. The problem is even more pronounced as devices become smaller with
86 percent of shoppers never completing their purchases on mobile devices^3.

Strong Merchant Participation

Neiman Marcus, Pizza Hut, Staples and United Airlines are some of the newest
merchants who will offer Visa Checkout. They join other top online retailers,
such as 1-800-FLOWERS®, Beyond the Rack, Cineplex Entertainment, Jos. A. Bank,
Live Nation, lululemon athletica, MovieTickets.com, Newegg, Rakuten.com,
Teleflora, Ticketmaster, TigerDirect and Wine Enthusiast which plan to use
Visa Checkout for quick and easy payments. Visa Checkout replaces the V.me by
Visa service, first introduced in 2012.

“Visa Checkout offers our customers another simple and secure way to quickly
order online from Pizza Hut,” said Baron Concors, chief digital officer, Pizza
Hut. “We're focused on making the digital ordering experience as easy as
possible and adding this checkout option with Visa Checkout does just that.”

“People aren't looking for another wallet - they just want a simpler way to
pay online, particularly on mobile devices, and that's exactly what we
designed Visa Checkout to do,” says Sam Shrauger, senior vice president,
digital solutions, Visa Inc. “And for merchants and financial institutions,
we've made Visa Checkout easy to implement and added advanced security
features to help reduce the risk of fraud – all with the strength of the Visa
brand behind it.”

Driving Mass Consumer Adoption

Visa will drive broad awareness for Visa Checkout through a multi-million
dollar advertising campaign, launching today in digital and social channels,
and on television later this year. The campaign will feature participating
merchants and a broad range of consumer offers and promotions.

Leading payments card issuers, community banks, and credit unions are all
participating in Visa Checkout. This includes more than 180 financial
institutions and organizations around the world such as:

* Bank of America
* BB&T Corporation
* BBVA Compass
* Card Services for Credit Unions – CSCU
* Chase
* Citi
* ICBA Bancard
* Navy Federal Credit Union
* PNC Bank N.A.
* Regions Bank
* U.S. Bank
* Wells Fargo Bank

“Visa Checkout simplifies online shopping -- much the same way the original
Visa card simplified shopping in person - allowing customers to securely speed
through online checkout,” said Dominic Venturo, chief innovation officer for
U.S. Bank Payments Services. “Consumers expect payment technology to be simple
and secure, and Visa Checkout delivers. We see Visa Checkout as a perfect
complement to U.S. Bank's current online banking and payments services, and we
are thrilled to further enhance our customer experience with this new
capability.”

Visa Checkout SDK

With the launch of Visa Checkout, a new mobile SDK is also available, allowing
developers to quickly build and implement a native in-app checkout experience
for iOS and Android-based devices.

The Visa Checkout SDK files and related documentation are available for
download from the Visa Developers website at
http://developer.visa.com/visacheckout. The Visa Developers program offers
tools, technology and support for developers interested in building innovative
payment solutions.

Visa Checkout Availability

Starting today, consumers can sign up and use Visa Checkout through select
banks, through participating merchants or directly at www.visacheckout.com.

Posted-In: News Press Releases

 

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