- NEW YORK: Visa Inc, the world’s largest credit and debit card processing network, is building a mobile wallet that people can use to pay for things with their phones instead of with traditional cards.
The network said it is working with several large US 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 US arm of Barclays.
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.
It will roll out the wallet in the US and Canada in fall of 2011.
Like smaller rival MasterCard, the San Francisco-based company is increasingly looking to new technology for growth, in the face of an increasing saturated US credit and debit card market and tightening regulations of that market.