Tags: Visa | digital | wallet | fee

Visa Has No Plans for Digital Wallet Fee

Thursday, 21 Mar 2013 02:32 PM

Visa Inc has no plans to implement a "digital wallet" fee at this point, Jim McCarthy, global head of product at the payment network, said Thursday.

The comment came amid concern Visa might follow MasterCard Inc's recent move to impose a new fee on operators of digital wallets, such as PayPal, owned by eBay Inc.

During a Barclays investor conference Wednesday, Visa Chief Executive Charlie Scharf said that the payment network's relationship with digital wallet operators is changing as they move more into physical stores.

A Visa spokesman said on Thursday that Scharf's comments were about evolving relationships with payment industry participants, rather than the potential for a specific new fee from the company.

Digital wallets are electronic versions of real wallets that store card and bank information and can be used to buy things online quickly and anonymously. These digital wallets are increasingly moving into the physical world, through consumers' use of smartphones while shopping in retail stores.

As a payment option in physical stores, PayPal will be a bigger threat to networks like MasterCard, Visa and American Express, analysts say.

"PayPal has a great relationship with the card networks and we are in fact one of their largest customers," a PayPal spokesman said. "We continue to work closely with both Visa and MasterCard as the market evolves and technology changes how consumers shop."

© 2017 Thomson/Reuters. All rights reserved.

 
1Like our page
2Share
Companies
Visa Inc. has no plans to implement a digital wallet fee at this point, Jim McCarthy, global head of product at the payment network, said Thursday.
Visa,digital,wallet,fee
225
2013-32-21
Thursday, 21 Mar 2013 02:32 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved