Visa Europe reports the amount spent at point-of-sale broke through €1.5 trillion for the first time last year, a rise of 9.4% from 2013, with a total of 37 billion transactions. This means Visa now accounts for €1 in every €6 spent in Europe.
Gross revenues grew 9% year-on-year to €1.9 billion while profits of €344 million were €80m higher than last year. This enables Visa Europe to invest more than €200 million in new payments technologies to accelerate the growth of digital payments.
E-commerce spending on Visa cards also grew sharply, up 17% year-on-year to €280 billion.
Overall, there are now more than 500 million Visa cards in circulation – one for each adult in Europe – and one fifth of these are contactless as the technology becomes commonplace. The total amount accessed through all Visa cards, including ATM transactions, rose to over €2 trillion.
Visa Europe sternly noted its partnership with retailers is critical and it’s time to move on from the debate about fees and onto something more constructive. Regulation is coming on interchange fees and the European Commission estimates that this regulation will bring savings of around €6 billion to European retailers. At Visa Europe, we’re investing more than €200m a year in new payments technologies.
“If retailers invest just a fraction of their savings, we can truly work together to make a leap forward in improving the consumer experience.”
For more data on Visa Europe access CardData®. For information and commentary on Visa Europe visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on Visa Europe are available exclusively through CardWeb.com.