'Visa has no plans for digital wallet fee at this point'

Advertisement
By Reuters | Updated: 22 March 2013 14:18 IST
Visa Inc has no plans to implement a "digital wallet" fee at this point, Jim McCarthy, global head of product at the payment network, said on Thursday.

The comment came amid concern Visa might follow MasterCard Inc's recent move to impose a new fee on operators of digital wallets, such as PayPal, owned by eBay Inc.

During a Barclays investor conference on Wednesday Visa Chief Executive Charlie Scharf said that the payment network's relationship with digital wallet operators is changing as they move more into physical stores.

A Visa spokesman said on Thursday that Scharf's comments were about evolving relationships with payment industry participants, rather than the potential for a specific new fee from the company.

Advertisement

Digital wallets are electronic versions of real wallets that store card and bank information and can be used to buy things online quickly and anonymously. These digital wallets are increasingly moving into the physical world, through consumers' use of smartphones while shopping in retail stores.

Advertisement

As a payment option in physical stores, PayPal will be a bigger threat to networks like MasterCard, Visa and American Express, analysts say.

"PayPal has a great relationship with the card networks and we are in fact one of their largest customers," a PayPal spokesman said on Thursday. "We continue to work closely with both Visa and MasterCard as the market evolves and technology changes how consumers shop."

Advertisement

eBay shares rose 0.9 percent to $52.88 in afternoon trading on Thursday, even as the Nasdaq Composite index fell 0.9 percent.

Still, PayPal could end up paying an extra fee to Visa, if the payment network changes its mind later, according to Gil Luria, an analyst at Wedbush Securities.

Advertisement

"If MasterCard is successful at implementing the fee, Visa will join them," Luria said. "All they said today is that they are not doing it yet."

© Thomson Reuters 2013

 

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: eBay, digital wallets, PayPal, Internet
Advertisement

Related Stories

Popular Mobile Brands
  1. Motorola Edge 60 Neo Key Specifications Tipped Ahead of Imminent Launch
  2. Tecno Pova Slim 5G India Launch Today: All You Need to Know
  3. Apple Watch Series 11, Watch SE 3, Watch Ultra 3: Expected Features, Specs
  4. This iPhone 17 Model Will Reportedly Get More Expensive
  5. Itel A90 Limited Edition With MIL-STD-810H Durability Launched in India
  6. Ahaan Panday, Aneet Padda's Saiyaara to Stream on Netflix on This Date
  1. Tecno Pova Slim 5G Launching Today: Know Price in India, Features, Specifications and More
  2. Scientists Create Stretchy Rubber That Converts Body Heat Into Electricity for Wearables
  3. NASA’s InSight Reveals Ancient Planetary Remains Preserved Deep Inside Mars
  4. Rajinikanth’s Coolie is Coming to OTT Platforms Soon: Know When, Where to Watch it Online
  5. NASA’s Juno Spacecraft Detects Callisto’s Aurora, Completing Jupiter’s Galilean Moons Set
  6. Kalyani Priyadarshan’s Lokah Chapter 1: Chandra OTT Release Date Revealed
  7. Astronomers Discover Calvera, a Runaway Pulsar Racing Above the Milky Way
  8. Itel A90 Limited Edition Launched in India With MIL-STD-810H Durability: Price, Specifications
  9. OKX Faces EUR 2.25 Million Fine By Dutch National Bank for Operating Without Registration
  10. NASA’s OSIRIS-REx Mission Finds Stardust in Asteroid Bennu Older Than the Solar System
Gadgets 360 is available in
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2025. All rights reserved.