26 November 2015

E-commerce, mobile and contactless driving growth at Visa Europe

22 January 2014  |  8486 views  |  0 Visa logo

Visa Europe says contactless payments uptake is exceeding expectations, with the chip card technology now available in twice as many countries as this time last year, while transactions have nearly tripled and terminals almost doubled.

In the UK - often seen as a benchmark for contactless growth - 30.3 million cards are now in circulation with 293,600 terminals installed. Access to the payment infrastructure and education about contactless meant that usage soared, resulting in contactless transactions increasing four fold in the year to September 2013, with £461.6 million spent with Visa contactless cards up from £96.7 million in the previous year.

Visa is also reporting a 20% surge in e-commerce transactions across European markets as the card scheme rolled out its V.me by Visa digital payments service in four countries - France, Spain, Poland and the UK.

At the same time, 62 mobile contactless projects are now live or planned to launch across Europe.

The card scheme says it is firmly on track to realise its prediction that 50% of Visa transactions will made be made through a mobile device by 2020.

Commenting on the results, Visa Europe, chief executive officer Nicolas Huss, who joined on 1 October 2013, says: "We have huge scale - as many Visa cards as people in Europe (500m) and €1 in every €6.50 spent in Europe is now spent on a Visa card."

He says the company is now focused on scaling-up its next generation payment services "to move in pace with the rapid adoption of new technologies and, more particularly, the growth of mobile and digital commerce".

With a veiled nod to ongoing chatter among certain European banks about cutting their ties with Visa Europe and setting up an alternative bankcard scheme, he says: "We will apply a disciplined commercial focus to operate a leaner, more agile company. We will work constructively with regulators to arrive at mutually beneficial solutions. And we will work more flexibly to meet the needs of our customers and partners across Europe."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

17 December, 2013
26 November, 2013
04 November, 2013
23 September, 2013
07 August, 2013
25 July, 2013
20 May, 2013
20 March, 2013
15 January, 2013

Related company news


Top topics

Most viewed Most shared
MIT to run fintech degree course
9309 views comments | 36 tweets | 14 linkedin
Coinbase issues Bitcoin debit card
8244 views comments | 18 tweets | 21 linkedin
UK banks hardest hit by non-bank money tra...
8156 views comments | 29 tweets | 31 linkedin
Apple Pay users given a free ride in Londo...
8008 views comments | 21 tweets | 29 linkedin
BBVA buys 29.5% stake in Atom for £45...
7393 views comments | 34 tweets | 41 linkedin

Featured job

Find your next job