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Visa To Expand PayPal-Competitor To Starbucks, Walmart, Walgreens

General Views Ahead Of Visa Earnings ReportsGeneral Views Ahead Of Visa Earnings Reports

Visa has announced a slew of big name partners including Starbucks, Walmart, and Walgreens for its digital payments service, Visa Checkout.

The digital wallet, introduced in 2014, is similar to PayPal in that it lets users store credit card information to pay at checkout with online retailers. Shoppers can store their Visa card information in the wallet and those of its credit card rivals, MasterCard, American Express, and Discover.

Visa says that more than 10 million users have signed up for a Visa Checkout account.

Starbucks , Walgreens , NFL Shop, HSN, and Match are among the new merchants that signed on with Visa Checkout partners. Retail giant Walmart will add Visa Checkout later in the year, the payments company said.

The partnerships are a big victory for Visa, which is trying to get its Checkout service as widely adopted as possible. Visa says it has nearly 250,000 merchants that are using its service.

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Visa is just one of the many financial giants to gunning for part of the consumer digital wallet. American Express and MasterCard both offer online payments services that compete with Visa’s. The challenge for Visa is to convince loyal American Express or PayPal customers to ditch their existing services and pay with Visa Checkout.

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Visa’s sales pitch to merchants is that 86% of shoppers who have Visa Checkout accounts and load their shopping carts with items become buyers, citing statistics from comScore. Visa also said that its service sees a 51% higher conversion rate when compared to customers using a merchant’s traditional online checkout of directly inputting credit or debit cards.

Visa doesn’t charge merchant or the user any fees to use the service.