v.me by VISA

alanq

I have just received an email from Nationwide BS announcing that it is the first UK financial institution to offer a digital wallet for debit and credit cards called v.me by VISA.

http://www.nationwide.co.uk/current_account/managing_your_account/the-nationwide-digital-wallet.htm

https://uk.v.me/


Neither Nationwide's nor VISA's websites offer what (to me) make convincing cases for using this service for online transactions.

It saves having to type in your card number...
But you have to type in an email address and password.

It saves having to remember your card numbers...
I don't anticipate making any online purchases from any place that I would feel unsafe getting my card out of my physical wallet.

It's means that you don't disclose your card details to the payee...
But you do disclose an email address/password?

You can keep all your card details (including for non-VISA cards) "safely" in one place...
But doesn't that mean that if there is a security breach ALL your card accounts are put at risk?

I am sure that there are benefits but simply claiming to be "safe" or "convenient" does not convince me. A far better explanation and a demonstration of its use are required.

(Before this to me a digital wallet meant a place for holding actual funds, such as for a prepayment card, not for holding account details.)

rb10

alanq wrote: »

It's means that you don't disclose your card details to the payee...
But you do disclose an email address/password?

Not to the payee.

Your email address/password will just go to Visa, who will then confirm to the retailer that they've made the payment. When making a 'traditional' online payment, the retailer will (often) have access to your actual card number, here they just get a confirmation that you've paid.

It's essentially a service that Paypal already offers, it's just bringing a bit of competition to Paypal's monopoly.

Archi_Bald

rb10 wrote: »

It's essentially a service that Paypal already offers, it's just bringing a bit of competition to Paypal's monopoly.

Provided that the retailers offer v.me, presumably

JuicyJesus

Archi_Bald wrote: »

Provided that the retailers offer v.me, presumably

Indeed. And given the choice between using Curry's or PC World with v.me, any other shop with a normal debit card or smacking myself in the genitals with a mallet, either of the latter two sound like a preferable option.

Suplex_Backbreaker

rb10 wrote: »

Not to the payee.

Your email address/password will just go to Visa, who will then confirm to the retailer that they've made the payment. When making a 'traditional' online payment, the retailer will (often) have access to your actual card number, here they just get a confirmation that you've paid.

It's essentially a service that Paypal already offers, it's just bringing a bit of competition to Paypal's monopoly.

Well, competition and choice is always good I suppose.

At the moment, where possible I use either Paypal or a pre-loadable Mastercard debit card for online transactions so as to minimise exposure of either my main debit card or 'proper' credit cards.

More options wouldn't hurt especially as I have reservations about Paypal's business practices with customers.

alanq

rb10 wrote: »

Not to the payee.

I assumed not but was making the point that the website did not explain. If it is as you say, I suppose that it will work something like Verified By Visa.

callum9999

alanq wrote: »

I assumed not but was making the point that the website did not explain. If it is as you say, I suppose that it will work something like Verified By Visa.

You do realise nationwide doesn't design its products solely for you? Just because you don't see the point in using an email instead of card number, doesn't mean everyone does.

In fact, given the popularity of PayPal, I'd say you are definitely in the minority.

alanq

callum9999 wrote: »

You do realise nationwide doesn't design its products solely for you? Just because you don't see the point in using an email instead of card number, doesn't mean everyone does.

In fact, given the popularity of PayPal, I'd say you are definitely in the minority.

I did not claim to speak for anyone else. Nor did I assert that the service was pointless. Solely that in my opinion a far better explanation of the claimed benefits was required.

alanq wrote: »

Neither Nationwide's nor VISA's websites offer what (to me) make convincing cases for using this service for online transactions.
...
I am sure that there are benefits but simply claiming to be "safe" or "convenient" does not convince me. A far better explanation and a demonstration of its use are required.

opinions4u

I've never quite taken the plunge in to Paypal. My debit and credit cards work fine.

Why would I want to use this?

(Not objecting to it, merely inviting a sales pitch to convince me not to be so set in my ways)

JuicyJesus

opinions4u wrote: »

I've never quite taken the plunge in to Paypal. My debit and credit cards work fine.

Aside from the (ab?)use of Pay After Delivery for what is effectively 14 days' interest free credit, I don't see why anyone would want to use PayPal with any major retailer.

I can sort of see the use for it if you're paranoid about your card details, but then that throws you into the issue that you have to deal with PayPal's chargeback scheme rather than the far more robust one banks have in place.

jrawle

In terms of getting your money back if the retailer doesn't supply the goods, using a credit card directly is by far the best way to pay.

As long are you are careful and use some common sense when choosing an online retailer, it's unlikely you will be the victim of a scam and pay for non-existent goods. What is a problem is when card details have been leaked and fall into the hands of fraudsters. That can happen if small companies have poor security, but there have also been a number of high profile cases. Again, if you use a credit card, you are much better protected (using debit cards online is a bad idea as fraudsters can take money straight from your account).

But even so, it is a huge inconvenience if your credit card details are stolen. It's happened to me twice now, and in both cases it can only have been an online retailer who had leaked the number. On the second occasion the card company insisted on registering me with CIFAS for a year and that was a real inconvenience that cost me at least £90 and a lot of hassle. So now when I buy online I will often use Paypal if it's available to avoid revealing my card details. It's a matter of weighing up the pros and cons, for example considering what the item is and if it's likely to be faulty, etc.