Visa has reported that a quarter of all the UK transactions its handles are now made online, following an 18 percent increase in e-spending over the last year.
Visa reported that over £110bn was spent online using its services in 2013, in its latest payments report, which tracks European spending habits from September to September each year. The statistic means an average of £3,488 was spent online with a Visa card every second over the year.
Visa listed new technologies, such as its V.me and contactless card payment services, as a key reason for the increase in UK online spending.
The company said 4,000 companies have already adopted the V.me payment platform since it launched in Autumn 2012. Early adopters include several high-profile high-street brands. Clarks shoe shop confirmed plans to roll out support for Visa's V.me digital wallet service in August 2013.
Nationwide Building Society has also rolled out V.me support. Visa promised it has inked deals with a number of other unnamed banks to roll out V.me later this year.
V.me is a digital wallet service developed by Visa Europe in 2011. It offers similar services to PayPal and Google Wallet, and is designed to allow consumers to complete online transactions through an internet browser on a PC, laptop, tablet, or smartphone more easily. The service is compatible with non-Visa cards such as MasterCard, American Express and Discover.
Visa confirmed £461.6m was spent with Visa contactless cards in 2013. The figure marks nearly a fivefold increase on the £96.7m spent using contactless cards in 2012.
Visa Europe chief executive officer Nicolas Huss listed the new technologies, such as V.me, as key steps in the company's ongoing war on cash. Huss said the company will continue to develop its payment technologies throughout the year.
"Electronic payments fuel commerce, replace inefficient and expensive cash and fight the shadow economy," he said. "This is an excellent platform on which to build, and I have four main priorities for the future. We will scale up our next-generation payment solutions to move in pace with the rapid adoption of new technologies and, more particularly, the growth of mobile and digital commerce."
Visa head of mobile business Sandra Alzetta initially announced the company's "war on cash" in 2013, during a press session in Slovakia attended by V3.
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