Four major UK banks to launch by Visa digital wallet service

Visa Europe said that four of the UK's major banking groups are planning to launch by Visa digital wallet service for their customers.

Four major UK banks to launch by Visa digital wallet service

Lloyds Bank, Halifax, Bank of Scotland, and TSB are among those to sign-up to the by Visa service, which provides customers a convenient and secure way to purchase goods online.

The banks are looking to roll out their own digital wallets in the coming months to offer the service, which is already being launched by the Nationwide Building Society. Also, more banks are expected to sign up to the service in the coming months. by Visa will enhance the convenience of online shopping and reduce the proportion of sales that are abandoned during the checkout process.

The service has been designed to offer simple, secure online payments and allows frictionless commerce for retailers and consumers. by Visa executive director Wendy Martin said: “The adoption of by some of the UK’s biggest high street brands demonstrates the appetite for change and innovation; we want to make the online payment experience as seamless as possible, end the frustration for retailers and customers and eliminate the causes of abandoned online shopping baskets.”

Lloyds Banking Group retail payments head Andrew Ducker said: “By introducing Lloyds Bank, Halifax and Bank of Scotland wallets later this year all our customers will benefit from increased ease of making payments online, whilst being confident that these payments remain protected and safe.”