The new service, the Visa Digital Commerce app, lets banks create branded mobile apps that allow consumers to pay at stores by holding their phone near an NFC-enabled payment terminal—rather than pulling out a credit card. The app will only be available on Android phones.
In the race to digitize your wallet, so far Apple is the lead runner, according to a March Crone Consulting report. However, it faces tight competition from others, including Android Pay and Samsung Pay. Bank-branded mobile payment apps, if seamless, could make that competition even tighter.