Making an online payment via a mobile phone will become the norm in 2020. Author: Ashley Curtis
Making an online payment via a mobile phone will become the norm in 2020.
That’s according to Visa’s Annual Report, which suggests that half of Europe’s transactions will take place on a mobile phone in eight years’ time.
Despite being an “aggressive timetable to say the least” according to The Register, Visa appears confident its estimates will ring true – especially after the proposed launch of a digital wallet this year.
Nevertheless, the debit card remains popular, registering 16 per cent year-on-year growth in both value and volume of transactions made at point of sale.
It appears to have been a fruitful year for the multinational financial service. The firm’s report states that Visa transactions, 80 per cent of which are made from debit cards, accounted for one euro in every seven spent by consumers – totalling 1.8 trillion euros. These figures are an increase on the one in eight euros reported in 2010 and one in 18 euros reported in 2000.
Peter Ayliffe, chief executive of Visa Europe, commented on the report on Visaeurope.com: “Despite the continuing economic challenges, spending on Visa cards by Europeans grew by 14 per cent in 2011 as more consumers and retailers recognised the convenience, security and efficiency of electronic payments.
“We expect this growth in electronic payments to continue during 2012 when we will be launching mobile payments and our digital wallet services,” he added.