Visa Europe to invest €200m on digital payment technologies

Visa Europe has announced its plans to invest over €200m in new payment technologies.

Visa Europe has announced its plans to invest over €200m in new payment technologies while reporting its annual financial performance to date for the year ending September 30, 2014.

The company that operates Visa branded products within Europe has recorded 9% year-on-year growth of gross revenues amounting to €1.9bn with profits of €344m which are €80m higher than the year before.

As digital payment technologies such as contactless become more widely used, the amount spent at point-of-sale has totaled to €1.5 trillion, a rise of 9.4% from 2013, with a total of €37bn transactions.

The total amount accessed through all Visa cards, including ATM transactions, has gone up to over €2 trillion with e-commerce spending on Visa cards increasing 17% year-on-year to EUR280bn.

Visa Europe CEO Nicolas Huss said: “This is an incredibly exciting time for payments, and 2015 promises to be a year full of opportunities.

“Regulation is coming on interchange fees and the European Commission estimates that this regulation will bring savings of around EUR 6bn to European retailers.

“At Visa Europe, we’re investing more than €200m a year in new payments technologies. If retailers invest just a fraction of their savings, we can truly work together to make a leap forward in improving the consumer experience.”