1/15/2013 11:17:58 AM
Visa predicting surge in contactless payments
Visa is predicting there will be 40 mobile contactless payment services by the end of this year, with 80 devices certified to make NFC payments.
The payments company is readying its V.Me digital wallet this year, which will allow consumers to make one click transactions on smart devices. Visa said it intends to make it compatible with contactless payments in future. Visa talked up the growth in contactless payments but this also includes contactless cards as well as NFC-enabled smartphones.
It said contactless transactions quadrupled during the past 12 months and will quadruple again in 2013. It predicted that by 2014 there will be 33.7 million contactless cards and 175,000 terminals in the UK. Currently Orange is the only operator with an NFC payments service, Quick Tap. O2 is preparing to add NFC to its O2 Wallet service and Vodafone is expected to launch its NFC-payments service with Visa this year.
The figures were revealed as Visa announced annual spend on its debit cards exceeded Eu1tr (£834bn) for the first time.
Author: Graeme Neill