PNC Bank, N.A. and Visa Inc. (NYSE:V) today announced the availability of V.me by Visa to more than 1.2 million PNC Virtual Wallet® customer accounts, with a commitment to make V.me available to more than 6.3 million accounts in 2013. PNC is the first U.S. bank to integrate with Visa’s new digital wallet service. In addition to PNC Visa cards, consumers are also able to enroll their other U.S. issued payment cards through the V.me site and make online purchases at participating merchants by simply entering a username and password.
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“Consumers are shifting to a digital economy, and we believe the emergence of simple, secure payment technology will play a key role in helping customers manage their money,” said Tom Kunz, senior vice president and head of e-business and payments at PNC. “We continue to use innovative technology to give our customers convenient access to their money when and where they want.”
The V.me wallet service simplifies eCommerce by reducing the friction in online transactions. Registered users can make secure online payments to participating merchants without having to enter card account number, bill-to and ship-to information. V.me stores personal account information behind layers of security within Visa’s industry-leading network, making checkout as simple as a click of a mouse, touch on a mobile browser, or in the future, a wave at the physical point-of-sale.
“The next generation of payments will be simple and easy to use, not constrained by the need to enter sensitive account information for every transaction,” said Jennifer Schulz, global head of eCommerce, Visa. “We’re excited to see V.me recognized as a leading digital wallet service through this agreement with PNC Bank. This joint innovation effort is an important step in delivering the best way to pay and be paid, by creating a more convenient eCommerce experience for the millions of PNC account holders shopping at top online retailers this holiday season.”
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PNC has sponsored the upcoming PayStream Purchasing Card report that is scheduled to release next week. Be sure to check back for the 2012 P-Card report for a detailed profile on PNC. Other report highlights include the use of Purchasing Cards as a strategic form of payment, increased usage of P-Cards, incentives for starting a P-card program, and much more.
