Online Visa Spending Surges in Europe
Jan. 22, 2013
Last week, Visa Europe reported that e-commerce spending on Visa cards grew 16 percent in 2012, which represents the fastest growing segment of the association’s business. Online spending accounted for €202 billion ($269 billion) of the total €1.3 trillion ($1.7 trillion) spent by Visa cardholders in Europe last year. Visa Europe said 2012 marks the first time e-commerce accounted for more than 20 percent of Visa card spending. In the U.K., online spending’s share of the total rose to 25 percent. And, according to Peter Ayliffe, Visa Europe’s chief executive, e-commerce spending is “set to grow further as the market continues to mature.”
“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,” Ayliffe said. “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.”
To that end, Visa’s V.me digital wallet will be deployed in the U.K., France and Spain, Ayliffe said. And, by 2020, the company predicts one-third of all European consumers will be using V.me.