Visa announced on Wednesday that electronic payments made with credit, debit, commercial and prepaid cards rose by 9.2 percent in the U.K. in 2013.
Overall spending by Visa cardholders in the U.K. increased 9.3 percent year-over-year. Debit payments comprise more than 80 percent of Visa Europe’s business in the U.K. Spending on commercial cards rose by approximately 18 percent and on prepaid cards by nearly 43 percent.
U.K. cardholders spent more than $182 billion online last year up to September—nearly $6,000 per second, an 18 percent increase year-over-year. More than 25 percent of Visa Europe U.K.’s business is online.
Visa exceeded its targets in the U.K. for the distribution of contactless cards and the installation of terminals last year. Approximately 30 million contactless cards are in circulation, and increased infrastructure and distribution contributed to a four-fold increase in contactless transactions in 2013.
Additionally, RBS and NatWest made Visa Personal Payments available to customers in the U.K., allowing Visa cardholders to send payments to another cardholder using their smartphone. The company predicts that 50 percent of all Visa transactions will be made using a mobile device by 2020.
“As a membership organization focused on European solutions for the best interests of all parties in our four-party model, our continued success is good for the European economy because electronic payments fuel commerce, replace inefficient and expensive cash and fight the shadow economy,” Visa Europe CEO Nicolas Huss said. “It is good for banks, issuers and acquirers, because we invest on their behalf to deliver payments innovations. It is good for retailers and businesses because we enable them to do business quicker, safer and more easily across any channel. And it is good for consumers because it enables them to pay with ease, confidence and security.”