Visa Europe has seen its revenues climb thanks to the “rapid adoption” of new payments technologies including contactless payments and digital wallets.
The payments provider claims to have ‘exceeded’ its targets for contactless card adoption in the UK during 2013, as the value of contactless transactions grew from £96.7 million in 2012 to £461.6 million. There are currently 30.3 million Visa contactless cards in the UK, and 263,000 installed terminals, after more retailers including Marks & Spencer and Starbucks adopted the technology.
Visa Europe revealed its 2013 Annual Report that online spending in the UK also increased, with a total of £110 billion spent across the UK, up 18 percent from the previous year. Visa said it now conducts over 25 percent of its business in the region online.
The company has also expanded into mobile payments, with the launch of its digital wallet V.me, which has been rolled out by Nationwide, with RBS expected to follow soon. Visa said that 4,000 UK retailers have signed up to accept the mobile wallet, which is facing stiff competition in a crowded mobile payments marketplace. Figures for uptake were not revealed.
Visa predicts that 50 percent of its transactions will be made through a mobile device by 2020.
In its financial results for the year, the payment provider noted a total increase in revenues across Europe from €1.2 billion (£1.0 bn) in 2012 up to €1.4 billion (£1.1bn), while transaction volumes across Europe increased from 30.1 million to 32.2 million for the year ending 30th September.
Visa Europe CEO Nicolas Huss, who joined the firm in October, promised to continue investing in payment innovation.
“We will scale-up our 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,” he said.
The company recently completed a project alongside BT to perform a major upgrade to its payments processing network, which deals with millions of pounds of transactions across Europe every minute.