• 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
• 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
-More than 37 million transactions will take place on Wednesday 23rd December, up 10% on 2014 -Shopping will peak in the lunch hour break between 1pm-2pm, with 3.2 million transactions set to take place -Across the whole day, more than £1 million will be spent on Visa cards every minute, rising to nearer £2 million every minute in the peak hour
Three major trends shaping the future of retail identified by the report are outlined below: 1. Customers want personalised shopping experiences across all touch points 2. There is growing demand for social shopping experiences 3. Mobile technology has the potential to bridge the gap between online and offline retail experiences
• Chinese Visa cardholders visiting the UK spent £50m in July, overtaking tourists from France as the second highest spenders in the UK • A new simplified visa scheme for Chinese nationals introduced in July is expected to further boost Chinese tourism spending in the UK • The British high street was the main beneficiary, attracting £2 in every £5 of Chinese holiday spend
Analysis of spending on Visa cards in the UK shows clear growth in Sunday trading versus other days of the week:
Average Sunday Average Saturday Average Day Increase in face-to-face spend from 2011 to 2015 35.2% 28.2% 27.9% Increase in online spend from 2011 to 2015 68.9% 56.7% 47.5%
Commenting on spending growth in Sunday trading, Kevi
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