Visa Europe will invest €100 million a year in commercially launching mobile payments and developing its e-commerce services, the firm’s chief executive has confirmed.
Peter Ayliffe said the card payment giant had experienced double-digit growth in the use of Visa cards across Europe and expected that growth to continue as electronic payments take over the use of cash.
“We are seeing strong double digit growth in the usage of Visa cards across Europe, particularly with debit, and will continue to do so in the next few years as electronic payments displace cash. But during this time we can now expect to see the emergence of contactless, mobile and even further growth in e-commerce,” he explained.
“To realise this opportunity Visa Europe will invest €100m annually. The first results of this will be commercial launches of mobile payments before the end of 2011, closely followed by a major launch in e-commerce payments that will be the most convenient and secure way to pay.
“In just ten years we have moved from €1 in every €18 spent in Europe on a Visa card to €1 in €8. Today we have committed to accelerate this displacement of cash by bringing to market ways to pay that bring true convergence between electronic payments and mobile and e-commerce technology.”
The announcement of a long-term commitment to developing and now introducing mobile and contactless payments to the market follows last year’s promise of a €200m investment in research and development of the technology.
Earlier this year, Visa Europe signed an exclusive partnership agreement with Monitise to develop and supply mobile payments services for Visa Europe’s member banks and financial institutions across Europe.