Internet sales to exceed $150 billion in 2004 says Visa

Internet sales to exceed $150 billion in 2004 says Visa

Visa International is forecasting 2004 global e-commerce sales volume to exceed US$150 billion by the end of the year, a 56% increase over the $96 billion in sales recorded last year.

The card association says average e-commerce transaction value at $107 now outstrips the average $70 charged to cards in the high street, while cross border transactions have grown to 16% of all Visa e-commerce transactions, up from 15% a year ago.

Tim Lee, vice president, global e-commerce, Visa says consumer confidence comes from an increased familiarity with the channel and the improved security available for online shoppers from programmes like Verified by Visa.

He says over 15 million cardholders worldwide are actively using the secure credit card technology while shopping on the Internet. More than 10,000 member financial institutions and 30,000 merchants are now participating in the VbV programme globally, says Lee.

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