Visa's digital wallet is picking up momentum and the initiative is "right on the point of the spear" of the card network's product development strategy, CFO Byron Pollitt said.

The San Francisco company's digital wallet is designed to work on the Web, mobile devices and at the point of sale. Thirty-one merchant websites began accept and an additional 132 merchants signed up to launch it on their own sites, CEO Charlie Scharf said during the company's fiscal first quarter earnings conference call.

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