At launch, Visa cardholders in the UK can access discounts from over 40 brands "tailored for the festive period" including Hallmark, Goldsmiths, Dell and Hamleys.

As well as benefiting merchants, the company says its member banks also win, gaining access to a comprehensive set of customisable assets that can be used to target their cardholders.

Crispin Rogers, SVP, loyalty and merchant analytics, Visa Europe, says: "We are keen to bring extra value to Visa cardholders, member banks and retailers alike. For retailers looking to connect with an enormous engaged audience, our new portal will help them to reach consumers. Member banks can harness this consumer interest by taking the Visa Offers assets and making them their own, providing additional value straight to their Visa cardholders."

The site will be introduced in other European countries in the new year, starting with Poland, while a mobile-optimised offering is also in the pipeline.

The ability to offer discounted shopping and offers to consumers is expected to be a key battleground between banks and new entrants such as Google in the future fight for control of consumer wallets over emerging online and mobile payment networks.