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Visa has just introduced its digital wallet and payment service V.me by Visa. The commercial start is scheduled for 2012, but Visa has already launched an invitation-only beta in the US and Canada.

With V.me by Visa consumers will be able to pay online as well as in person with a mobile device. According to Visa, consumers can use the service just like a physical wallet to pay wherever and whenever they want. Instead of entering their account information every time they want to shop from their smartphone, users can use V.me for the checkout process. V.me will also provide features beyond payments such as transaction alerts, promotions and reward programs. Visa highlights that its digital wallet will not be limited to Visa cards only – numerous payment methods including MasterCard and bank accounts can be used to fund V.me.