eMoney News

UK cashless payments surge 27% in 2011
18 Jan 2012

The value of e-money payments made in the UK increased by 27 per cent last year, according to new research.

Payments processing company Visa has revealed that spending on its debit cards in the UK reached £318 billion for the year ending 30th September 2011, meaning £1 in every £3 spent last year was on Visa-branded cards.

This trend was also repeated across the eurozone, with spending on Visa cards in Europe up 14 per cent in 2011 to reach 1.16 trillion euros (£965 billion).

Although Visa plans to roll out an extra ten million contactless-enabled cards across the UK to take the total in circulation to 30 million, the firm is set to place particular focus on mobile and e-commerce payments over the coming year. 

Peter Ayliffe, chief executive, Visa Europe, said: "We expect this growth in electronic payments to continue during 2012 when we will be launching mobile payments and our digital wallet services.

"These new products, that are a key part of our Future of Payments strategy, will revolutionise consumers' everyday shopping experience to the extent that by 2020 we predict that over half of all Visa transactions will be on a mobile device."

E-commerce transactions accounted for 22 per cent of all spending on Visa cards in the UK, growing by more than 40 per cent over the year.

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