30 July 2016
Find out more

With online spending soaring, Visa Europe targets mobile in 2013

15 January 2013  |  9185 views  |  0 iphone apps on screen

Following the dramatic rise of e-commerce, which now accounts for 20% of all spending on its cards, Visa Europe is turning its attention to the mobile phone, predicting that a third of Europeans will be using its V.me digital wallet by 2020.

Despite the ongoing Eurozone crisis, total spending on Visa cards in the region grew by eight per cent, to EUR1.3 trillion, for the year ending September. Of this, EUR1.02 trillion was on debit cards. Visa Europe says that the growth was underpinned by e-commerce spending, which rose at twice the overall rate, 16%. Online spending totalled EUR202 billion, accounting for more than 20% of all processed business.

Growth was also strong in other core areas, with spending on commercial cards increasing by 17.6% and on pre-paid cards by 18.3%. Around EUR1 in every EUR6.75 spent in Europe is now on a Visa card.

In the UK, total spending increased by 6.1% to £407 billion and e-commerce grew by 11.5% to £96 billion, almost a quarter of the overall figure.

With the move away from the high-street to the virtual world well under way, the company is now setting its sights on the mobile money market as it prepares to launch the V.me digital wallet in the UK, France and Spain this year. Banks representing 80% of all UK consumers are already committed and the company says that it believes that one-third of all European consumers will be using V.me by 2020.

This year will also see the continued rollout of contactless payments for card and mobile devices. Contactless transactions in Europe quadrupled in 2012 and Visa Europe expects to repeat this in 2013. Across Europe there will be 40 issuers offering mobile contactless payment services to consumers and by the end of the year around 80 types of smartphone will be certified by Visa to carry out NFC transactions.

Peter Ayliffe, chief executive, Visa Europe, says: "As we continue to see the explosive adoption of mobile devices, our priority in 2013 is to give consumers faster, safer mobile ways to pay. The past six years have been about preparing and building the European payments infrastructure to support European commerce and the delivery of new payment technologies. The year ahead will see us putting mobile contactless payments into consumers' hands, and introducing digital wallets on a mass scale for the first time."
KeywordsE-COMMERCE

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

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

Related stories

RBS becomes first UK bank to back Visa V.me wallet

RBS becomes first UK bank to back Visa V.me wallet

28 November 2012  |  12602 views  |  0 comments | 26 tweets | 13 linkedin
Mega Monday: UK Christmas shoppers set for busiest e-commerce day in history

Mega Monday: UK Christmas shoppers set for busiest e-commerce day in history

20 November 2012  |  6883 views  |  0 comments | 11 tweets | 2 linkedin
Visa signs BBVA to V.me wallet

Visa signs BBVA to V.me wallet

25 October 2012  |  13689 views  |  0 comments | 11 tweets | 6 linkedin
E-crime costs UK retailers £205m a year - BRC

E-crime costs UK retailers £205m a year - BRC

22 August 2012  |  6700 views  |  1 comments | 1 tweets
EC goes after Visa Europe on credit card interchange fees

EC goes after Visa Europe on credit card interchange fees

31 July 2012  |  9512 views  |  0 comments
Visa Europe preps V.me digital wallet for autumn launch

Visa Europe preps V.me digital wallet for autumn launch

30 April 2012  |  10571 views  |  0 comments
Visa Europe hails UK e-commerce spending growth; sets sights on mobile

Visa Europe hails UK e-commerce spending growth; sets sights on mobile

17 January 2012  |  11550 views  |  0 comments
UK contactless payments momentum gathers pace

UK contactless payments momentum gathers pace

21 December 2011  |  11745 views  |  0 comments
Visa Europe invests £24.7m in Monitise

Visa Europe invests £24.7m in Monitise

31 October 2011  |  11411 views  |  0 comments
Visa Europe promises EUR100m a year on mobile and e-commerce

Visa Europe promises EUR100m a year on mobile and e-commerce

08 April 2011  |  10046 views  |  1 comments
Visa Europe completes EUR500m processing platform

Visa Europe completes EUR500m processing platform

01 October 2010  |  11164 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit www.abe-eba.euFind out more

Who is commenting?

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
8376 views comments | 38 tweets | 55 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
7137 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6814 views 0 | 6 tweets | 8 linkedin
hands typing furiouslyWhat is FinTech and where does it Live?
5913 views 0 | 14 tweets | 4 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job