Visa is approaching mobile payments in a different way with its Visa Checkout button for mobile and online retail. The widget requires a username and password and eliminates the need to enter the credit card number when checking out on mobile shopping apps.
Visa Checkout, like PayPal, allows users to integrate other credit card accounts.
The company says that consumers are finding mobile payment wallets too complicated and not secure enough, and that Checkout will help some of the 86% of shoppers that abandon their shopping carts on mobile to complete their checkout.
Visa is speeding up its mobile payments efforts in order to find the virtual equivalent of swiping a credit card in stores. If consumers are happy enough with this new alternative to a mobile wallet -- and are convinced that Visa’s Checkout system is secure enough -- it could help finally move the needle on mobile payments.