Visa wants to be the credit card company that no one can resist, and they’re making all the right moves. This week the company announced that discount retailer Overstock will be joining the list of merchants who accept Visa’s V.me form of payment. The addition of Overstock will make a total of 35 online merchants who have signed up for V.me, and nearly four times that amount will be signing up in the next few weeks.
The V.me service, also known as ‘digital wallet’, was launched back in November of 2012, going into competition with a couple of other similar services like paypal and Google Wallet. Unlike them, however, V.me is designed strictly for the internet. Instead of using card numbers, a user just hits one button on the checkout page, with their user name and password the only information required to complete the sale.
Jennifer Schultz, Visa’s global head of e-commerce, explained that V.me was built for the sole purpose of making online shopping simpler and more secure. All of the users’ credit and debit information is obtained when they sign up for the service; after that they can use their V.me account to shop with a smartphone, tablet or PC, without having to submit the information again.
Visa has more than 60 financial institutions that have signed up to support the V.me platform, including some of the largest banks in the U.S. Their merchant roster includes 1-800-FLOWERS.com, newegg.com, livingsocial, and Beach Camera. Overstock is so far the biggest of them all, with annual online sales of more than $1 billion, and an inventory that includes a huge range of products from jewellery to automobiles.
Dave Nielsen, co-president of Overstock.com, says that the partnership will be greatly beneficial to his company, stating that, “Visa is a trusted and reliable brand that reinforces our commitment to our customers.” It will certainly speed up the actual check-out process, which helps to finalize a sale quickly before the customer gets sidetracked or changes his/her mind. Neilsen calls it “yet another quick, simple and safe method to purchase on Overstock.com.”
In other moves to make the online shopping experience even more satisfying for customers and merchants, Overstock has also teamed up with Piqora (recently changed from PinFluencer). Piqora has just launched Gallery, described as ‘a tablet optimized visual feed of a brand’s in-stock top products that are trending on social networks’. Piqora’s CEO Sharad Verma said the Gallery offers customers a boutique-type browsing experience – and it helps the merchant turn browsers into buyers.