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Today sees the launch of a new online payment system from Visa. It allows consumers to make online payments “simply and securely”.

At a time where online purchases are rapidly increasing, businesses are realising how important it is to make things easy for their customers. The use of smartphones and electronic tablets has been a major contributing factor for the increase in online sales, providing a virtual shop front for customers 24 hours a day. But, small screens such as those used on a smartphone makes the traditional online payment method cumbersome for customers to enter their card details, and business are reporting that lost online sales are often being “dropped” at the point of payment, potentially due to difficulty in entering card details.

V.me is similar to other digital wallets/online payment systems such as PayPal. Once set up with an account, the user needs only to enter their username and password when paying for goods online from supporting e-businesses, after which the funds will be transferred from the bank accounts linked to the V.me account.

The service is now live in the UK, France, Spain and Poland. Nationwide Building Society is the first financial institution in Britain to support it. A staggered launch over the next few months will see further retailers and issuers adopt V.me, ahead of a full commercial launch and consumer marketing campaign to raise awareness of the service in late 2014.

Source: V.me by Visa