Feeds

1 euro in every 7 spent on a Visa card

Digital wallet coming this year

SANS - Survey on application security programs

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. ®

High performance access to file storage

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.