Visa projects $150 billion in 2004 global e-commerce sales on Visa cards
Global consumer e-commerce spending on Visa credit and debit cards will exceed $150 billion this year, up 56% from $96 billion in 2003, Visa International said today. It added that online spending accounts for 7.4% of all Visa transaction volume, up from 5.5% last year.
Visa International said the global average consumer e-commerce value per transaction is $107, compared to $70 for spending in the offline, card-present environment. It added that cross-border e-commerce transactions on Visa cards now account for 16% of all Visa e-commerce transactions, up from 15.2% a year ago.
Visa U.S.A., the U.S. unit of Visa International, reported that U.S. e-commerce spending on Visa cards increased 33.7% to $2.1 billion for the week ended Nov. 21, up from $1.6 billion in the comparable week a year ago. Visa’s U.S. e-commerce figures include transactions on commercial cards used for b2b spending. Visa didn’t break out consumer and b2b spending for that period.
Tim Lee, vice president of global e-commerce for Visa International, attributed the increases in global e-commerce spending to consumers’ increased familiarity with the online retail channel and their increased confidence in online security. He noted that the Verified by Visa security program, which requires consumers to enter a password to complete an online Visa transaction, is used by 15 million cardholders, 30,000 merchants and 10,000 financial institutions worldwide.
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