One in seven transactions using Visa cards in 2015 were completed using contactless payment technology, compared to one in 25 a year earlier, Visa Europe said, thisismoney.co.uk reports. With ever-increasing numbers using cards, mobiles and wearable technology to pay for goods and services, Visa Europe saw its 2015 revenues soar by 25% to EUR 2.31 billion in 2015.
The Transport for London network is Visas biggest contactless outlet, but 60% of contactless payments occurred outside the UK capital. Across the UK, the amount being spent on cards increased by 9.6% in 2015, while the number of transactions completed using non-cash methods grew by 11.5%.
Over GBP 1 in every GBP 3 spent in the UK is now on a Visa card, but fraud remains below 5% in every GBP 100 spent, according to the group. Nicolas Huss, chief executive of Visa Europe, said: Our new Annual Report shows that, financially, this was our most successful year ever – and by quite some distance.
We’ve done that while maintaining always on delivery with 100% availability of our systems for more than 100 months in a row and maintaining trust in the system by keeping fraud at record low levels and investing in multiple layers of cyber and data security., the source cites.
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