Visa will be counting on its bank partners to spread the message about its revamped Visa Checkout to consumers.
"From our perspective what's different about [Visa Checkout] are the relationships we have with banks," said Charlie Scharf, CEO of Visa Inc., during a July 24 conference call to discuss the company's earnings for its fiscal third quarter which ended June 29.
More than 180 financial institutions, including Bank of America, Citigroup, BBVA, Wells Fargo and Navy Federal Credit Union are actively promoting Visa Checkout, a revised and rebranded version of the card network's V.me digital wallet.
"These banks talk to their clients regularly, and over the next six months you'll see bank do different things to enable their customers to use Visa Checkout," Scharf said. Combining these with Visa's own marketing efforts, "it will be hard not to know what Visa Checkout is and why you should have it," he said.
Card-not-present volumes are growing three times as fast as card present volumes, Scharf said.
Earlier today Visa introduced a broad initiative called Visa Digital Solutions, which will launch secure tokens to replace the 16-digit account number for online payments in September. Visa is also rumored to be in a deal to support Apple's efforts in payments.
Visa processed a total of 16.7 billion transactions in the third quarter, an increase of 11% over the same period a year earlier. Visa's net operating revenue rose 5%, to $3.2 billion, in the third quarter from a year earlier and its net income increased 11%, to $1.4 billion.
Visa has seen a slowdown in cross-border transaction volumes, mainly because of turmoil in specific corridors, Scharf said. This affected cross-border payments between Russia and European countries, Russia and Ukraine, and between Argentina/Venezuela and European countries, among other channels, he said.