Visa USA has established an eVisa internet unit to develop online standards and technology and products to enable Visa’s member banks and merchants, through wallets and other technologies. The unit will be led by Michael Beindorff, formerly executive VP of Visa USA and its chief marketing executive. Beindorff will be joined by Visa USA’s chief executive Carl Pascarella on an advisory board that Visa is putting together for the unit. The other eight or so members will be finalized later this month, but will comprise a cross-section of banks, portals, merchants and technology companies.
Visa says it is working with CyberCash Inc to develop its wallet, although Visa stresses it is a non-exclusive deal. Earlier this week MasterCard announced a marketing agreement with IBP Corp whereby MasterCard will promote the use of IBM’s consumer wallet to its member banks and other institutions. Like the IBM wallet, banks will be able to put their brand on the CyberCash wallet also.
