One Billion Additional Touch-free Visa Payments Made as Consumers Embrace Contactless Commerce
April 07 2021 - 3:00AM
Business Wire
- Less than a year since contactless limits increased across
Europe, Visa has hit one billion additional touch-free
transactions, 400 million of which took place in the UK.
- Consumers and merchants are increasingly turning to contactless
payments as a secure and seamless way to shop - two thirds (65%) of
consumers say they would prefer to use contactless payments as much
as, or more than, they do currently.
- Contactless remains one of the most secure and convenient ways
to shop with Visa following the limit increasing in some countries
by as much as 50% last year, and the announcement that the UK
contactless limit will increase to £100.
Visa today announced that it has processed one billion
additional touch-free payments1, where previously consumers would
have needed to enter their PIN, as consumer confidence in
contactless payments continues to grow. This milestone has been
reached in less than a year since contactless payment limits were
increased in 29 countries across Europe in response to the Covid-19
pandemic.
The growth of contactless payments has been a key trend during
the pandemic, as touch-free payments have gone from being a
convenience to a necessity for both consumers and retailers.
Research from Visa shows that two-thirds (65%) of consumers
globally would prefer to use contactless payments as much as, or
more than, they are currently2.
Charlotte Hogg, Chief Executive Officer, Europe at Visa,
commented: “The demand for touch-free payments indicates that
contactless has become the norm for European consumers and
retailers. Contactless payments are popular because they combine
speed and convenience with security. Indeed, contactless cards
experience among the lowest fraud rates of any payment type and in
countries where contactless payments are widely used, fraud at the
point of sale remains at historic lows.
“Today’s milestone demonstrates how consumers and retailers now
rely on digital solutions to make everyday payments. Enabling
contactless payments will be key to Europe’s economic recovery and
while raising contactless limits alone won’t revitalise the
European economy, it is a step in the right direction, giving
consumers the confidence to spend, and providing shops, restaurants
and other retailers a boost just when they need it most.”
Growing demand for contactless transactions is evident across
Europe, with over 80% of in-store Visa payments now contactless3.
In France and Germany, the number of contactless transactions has
increased by two thirds and almost half respectively year-on-year4.
Of the one billion transactions, 400 million took place in the UK5,
and further growth can be expected given the announcement that the
UK contactless limit will increase to £100 later this year.
The popularity of ecommerce is also surging across Europe, with
over 15 countries experiencing a 40% or higher increase in
ecommerce transactions in December 2020 versus the year
before6.
With many businesses having to operate under restrictions and
keep up with changing consumer behaviour, merchants are
increasingly moving to online operations and embracing digital and
contactless payments. Visa is working closely with its clients and
partners to digitally enable over eight million small businesses
across Europe, helping them adapt to enable customers to shop the
way they want.
Contactless remains one of the most popular and secure payment
methods for Visa customers and will be crucial to Europe’s economic
recovery when restrictions lift and shops reopen.
- END -
About Visa
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit our website (www.visa.co.uk), blog
(https://www.visa.co.uk/visa-everywhere/blog.html), and
@VisaUK.
1 VisaNet data 2 Visa Back to Business Study 2021 3
VisaNet data 4 VisaNet data 5 VisaNet data 6
VisaNet data
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version on businesswire.com: https://www.businesswire.com/news/home/20210407005084/en/
Ian Burge, Visa - burgei@visa.com Ellen Hodgetts, Grayling -
VisaStrategy@grayling.com
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