UK consumers’ spending via Visa services reach £445bn last year

E-commerce

by CBR Staff Writer| 23 January 2014

UK consumers spent over £110bn online via Visa services.

UK consumers' spending via Visa's credit, debit, commercial and prepaid cards rose by 9.2% in 2013 to £445bn, mainly fuelled by consumers' preference for electronic payments.

During the year, UK consumers spent over £110bn online via Visa services, representing an average £3,488 spent online every second, giving credence to Visa's prediction that about half of Visa transactions will be made via a mobile device by 2020.

According to Visa, the launch of new technologies including its digital wallet service V.me and contactless card payment services fuelled UK online spending.

The payments provider also claimed to have 'surpassed' its targets for contactless card adoption in the UK as the value of contactless transactions reached £461.6m from £96.7m in 2012.

Visa Europe chief executive officer Nicolas Huss said the company will continue to scale-up next generation payment solutions to move in pace with the rapid adoption of new technologies and, more particularly, the growth of mobile and digital commerce.

"It is good for retailers and businesses because we enable them to do business quicker, safer and more easily across any channel. And it is good for consumers because it enables them to pay with ease, confidence and security," Huss said.

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