Half of UK Visa payments will be mobile by 2020

Some 50% of UK Visa payments will be made through mobile devices by 2020

Half of UK Visa payments will be made through mobile devices by 2020 as mobile infrastructures pave the way for mass adoption of mobile wallets.

According to Visa Europe, 2013 will see the acceleration of the use of mobile payments channel.

Visa presented its research and roadmap following the announcement that RBS will be the first UK bank to trial its V.me digital wallet

V.me provides Visa and non-Visa customers with a secure online point-of-sale (POS), which can be accessed via PC, tablet and mobile devices as part of a digital wallet service.

By the end of 2013, 50% of the UK’s population will have a contactless bank card and there will be 175,000 contactless payment terminals.

Other initiatives next year will see Visa and Transport for London work on integrating payment cards and Oyster cards.

Visa claimed consumers would prefer mobile wallet services to be provided by the payments company. 

According to research by Javelin Strategy & Research, 15% of consumers would choose Visa as a mobile wallet provider. This compared with 13% who said PayPal, 9% Verizon, 4% Apple, 3% Google and 1% Facebook.

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