As part of the Covid-19 economic recovery, Visa is making great strides towards its goal to help eight million small businesses across Europe to adapt and take advantage of digital commerce.
As non-essential shops begin to reopen their doors, over half (56%) of small business owners surveyed are concerned they will not be able to bounce back from the impact of COVID-19, according to a new survey released by Visa today.
Visa and PayPal have announced an extension of their strategic partnership to Europe. The two companies are already collaborating in the U.S. and Asia Pacific to accelerate the adoption of secure and convenient online, in-app and in-store payments. This latest step brings the benefits of the partnership to European consumers and businesses.
Future collaboration will enhance payment experiences for consumers in Europe
Live competition at Mobile World Congress challenges five start-ups to bring payments to the Internet of Things
• At just over 1,000 square meters, new Innovation Center is Visa’s largest to date • Space will host partners and clients from across Europe to collaborate on new ways to pay • Center features live demonstrations including Internet of Things applications, virtual reality and biometrics • Mayor of London’s office welcomes the investment in the London fintech community
• Visa Token Service, which enables secure and convenient mobile payments, is live in five European markets, with seven more in the pipeline • European consumers currently spending an average of €9 in face-to-face transactions when they use their mobile device to pay • More than 1.2 million European merchants offer contactless point-of-sale, driving uptake in mobile payments
Headline findings · Consumer spending up +2.6% on the year in December · Spending growth remains solid in e-commerce categories (+5.5% year-on-year), but rises only slightly in face-to-face categories (+0.7%) · Hotels, Restaurants & Bars (+7.3%) and Recreation & Culture (+6.4%) see strongest increases in expenditure
Consumer spending increases +3.2% year-on-year, the highest rate since January 2015 Record increase in e-commerce expenditure (+12.5%), but face-to-face spending declines slightly (-1.4%) All broad spending categories see higher spending, led by Recreation & Culture (+9.3%)
• More than £2bn spent on Visa cards during Black Friday • Online Visa spend in week leading up to Black Friday up 13% year-on-year with almost £1bn spent on Black Friday, alone • Contactless and mobile technology are driving new shopping habits in the run-up to Christmas
• Plans requiring additional checkout steps means more declined transactions and longer and more complicated checkout experiences • 52% of UK shoppers say increased online checkout steps will cause them to abandon purchases • Changes mean no more express checkouts or quick in-app payments from mobiles, reduced access to non-European online shopping sites, and longer queues
• Slowest increase in consumer spending since February 2014 • Transportation and communications dropped -5.2% year-on-year, driven by slowing growth in car sales • Clothing & Footwear retailers buck the trend, posting +4.2% year-on-year, its first rise in three months • Growth in e-commerce slows to +2.3% year-on-year while face-to-face expenditure falls slightly on an annual basis (-0.8%)
• SMEs identify banks as their preferred provider of transaction services, but take-up of newer ways to pay and be paid varies • Key barriers to change highlighted as perceived cost, risk and other priorities being addressed first
• Contactless transactions over £20 grew at more than double the rate of those under £20 following the introduction of new £30 spend limit • Bars and pubs a prime driver of growth for contactless above £20, seeing 30% average weekly growth • Contactless payments now make up 10% of all face-to-face payments between £20 – £30
Headline findings: • Consumer spending rose +2.7% on an annual basis in January, the highest growth rate since May 2014 • Clothing & Footwear surged +5.0% from a dip in December, thanks to cold weather and January sales • High Street spending bounced back to an eight-month high
Headline Findings •Modest increase in consumer spending in November (+1.1% on the year) •Expenditure continues to rise solidly in e-commerce (+4.1%), but declines on the high street (-1.5%) •Hotels, Restaurants & Bars, Recreation & Culture and Clothing & Footwear see strongest increases in spending during November
Headline findings
Consumer spending continues to rise at a steady rate of +1.8% year-on-yearSolid increases seen across a broad range of categories, with the Recreation & Culture and Clothing & Footwear sectors among the best performersStrong growth for e-commerce of +5.8% year-on-year, though high street spending remains flat
Visa Europe is a payments technology business owned and operated by member banks and other payment service providers from 38 countries.
Visa Europe is at the heart of the payments ecosystem providing the services and infrastructure to enable millions of European consumers, businesses and governments to make electronic payments. Its members are responsible for issuing cards, signing up retailers and deciding cardholder and retailer fees. Visa Europe is also the largest transaction processor in Europe, responsible for processing more than 18 billion transactions annually.
There are more than 500m Visa cards in Europe, while €1 in every €6 spent in Europe is on a Visa card. Total expenditure on Visa cards exceeds €2 trillion annually, with €1.5 trillion spent at point-of-sale.
Visa Europe is an independent business with an exclusive, irrevocable and perpetual licence to use the Visa brand in Europe. Visa Europe works in partnership with Visa Inc. to enable global Visa payments in more than 200 countries and territories.
For more information, visit www.visaeurope.com and @VisaEuropeNews