Visa to launch mobile wallet in U.S. this fall

China Visa and Passport 

Visa announced a broad mobile wallet service today that includes near field communication (NFC) and other technologies for making retail purchases and for allowing person-to-person transactions from wireless devices.

The project, with "click-to-buy" functionality, will launch in the U.S. and Canada in the fall, Visa said in a statement. A webcast on the news is set for later today. Visa has plans for rolling out the system in other countries, but didn't elaborate.

Visa, the largest credit card processor in the U.S., already works with many U.S. banks and will work with several others on the digital wallet system, including Barclaycard US, which had been listed as a founding member of theIsis system set up by three major U.S. wireless carriers last fall. Under Isis, the carriers would provide a variety of wireless and NFC services. A pilot testof the Isis project is set for mid-2012 in Salt Lake City. Isis had Discover, the fourth largest credit card processor, in its initial founding members.

Other banks and financial institutions working on the Visa digital wallet include Pentagon Federal Credit Union, PNC Bank, Royal Bank of Canada, US Bank, TD Bank Group and Scotia Bank.

Visa said it will honor cross-channel payments, meaning it will consolidate multiple Visa and non-Visa payment accounts that can be used in mobile, e-commerce, social network and retail point of sale transactions.

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