Feeds

1 euro in every 7 spent on a Visa card

Digital wallet coming this year

Top 5 reasons to deploy VMware with Tegile

Visa will be launching a digital wallet this year, and expects to see half of Europe's transactions being done on a mobile phone by 2020, but plastic cards are looking good too, according to Visa Europe's Annual Report.

It's no surprise that Visa is planning a 2012 launch; it has already announced that there will be a special Olympic handset with the wallet embedded, but eight years to get half of the 12 billion or so Visa payments onto mobile phones is an aggressive timetable to say the least.

Those transactions apparently account for one euro in every seven spent by consumers, across Europe, totalling €1.8 trillion, according to Visa's annual report. The vast majority of that was on debit cards, which deduct funds instantly from a linked bank account, rather than providing credit.

Visa pushed out 30 million contactless cards in 2011, and expects to issue another 20 million in 1012. That puts 50 million in use across Europe, or in punters' pockets – even if they're not choosing to use them. Card readers are steadily being updated to support contactless payments; all new readers support the pay-by-bonk tech so it's just user reluctance (or ignorance) which is preventing more-widespread use.

Three-quarters of the Visa cards in Europe are now chip-and-PIN, resulting in ongoing drops in fraud. Europe in 2011 saw the lowest level of fraud in Visa's history, though the thieves are still getting four cents for every €100 spent, the fraud has largely moved onto internet sales where the chip can't provide any protection. ®

Beginner's guide to SSL certificates

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
Vodafone to buy 140 Phones 4u stores from stricken retailer
887 jobs 'preserved' in the process, says administrator PwC
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.