that sounds awful in German
Visa USA has launched its new logo, with service to follow next year, securing online payments by hosting your wallet in the Visa cloud. The idea is that you upload details of your payment cards to Visa, even if they're not Visa-branded, and Visa will process the payment without ever revealing your card details to the merchant …
Similar to the iDeal system we have had here in Holland for, ooh, 6 years or so..
Except iDeal works with all Dutch banks (by law) so merchants can use it with confidence that it is available to all their Dutch customers.
IDeal is a similar payment framework; Customer tells the merchant who they bank with, the merchant passes the payment to the bank and redirects the customer to the banks iDeal portal. Customer confirms payment on their banking site (where they can also check balance etc), merchant gets a confirmation once payment is made. Payment is direct to the merchants account! Costs are born by the customer as part of our general banking charges.
Oh, and since the banks (again, by law) must provide 2-factor logins it is secured with a two-factor system.
Have you seen web vendors *anywhere* rely on a single method of payment? Would Dutch vendors be any different? iDeal is usually just one of several methods (CoD, credit card, etc.). Also, the requirement is not that as a web vendor you offer iDeal (though you'd be daft not to), but that iDeal works with all Dutch banks that offer e-banking.
... for businesses as it should ease the myriad of fig leaf regulations. Don't have the data, can't leak it, simples. Just have to trust visa to fork over the dosh on no evidence anyway, which isn't certain even if you do have the details. How that risk pans out, well, these risk-takers will just have to see, no? And as a cnutsumer you have no choice but to trust the whole chain of ever shadier credit processors anyway. So that's no loss and perhaps a small gain. Cheaper than RBS equals easy win for visa.
Yet we remain in the same sad state where the credit processors have disproportionate market power and there still remains plenty of room for more robust solutions. For the time being we'll just have to put up with ever smaller incremental increases in "innovation" with or without unwanted complex electronics backing the touted thing.
..if somebody used my Mastercard details held by this Visa (and non-Visa) wallet? Currently the credit card company is liable for abuse, but I could see mastercard wanting to blame Visa for inappropriate access/use, and Visa ignoring them - leaving the user in the middle.
This could get very messy.
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