Visa Europe says it will devote €100 million a year to e-commerce in an effort to commercially launch mobile payments before the end of 2011.
Visa Europe CEO Peter Ayliffe, speaking at Visa Insight in Barcelona, said: “We are seeing strong double digit growth in the usage of Visa cards across Europe, particularly with debit, and will continue to do so in the next few years as electronic payments displace cash. During this time we can expect to see the emergence of contactless, mobile and even further growth in e-commerce.”
“To realize this opportunity, Visa Europe will invest €100 million annually,” added Ayliffe. “The first results of this will be commercial launches of mobile payments before the end of 2011, closely followed by a major launch in e-commerce payments.”
According to Ayliffe, Visa Europe has spent approximately €1 billion on payment technology since its creation in 2004, which it has used to build the continent’s leading transaction processing infrastructure.