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Visa Predicts Half of their Payments in Europe Will be Made via Mobile by 2020

Visa is confident in the future of mobile payments as they are planning to showcase mobile contactless payments at the 2012 Olympics in London and predicting that half of all Visa Europe payments will be made by mobile in 2020.

Visa has big plans for the Summer Olympics later this year, not only are they a major sponsor but they will also be pushing mobile contactless payments. Samsung, another 2012 Olympics sponsor, is offering the official Olympics NFC mobile payment app, for which payments are processed by Visa. A Visa executive elaborated that they plan on placing 3,000 contactless payment devices around Olympic venues and that they are using the Olympic Games to showcase and demonstrate the mobile NFC payment technology.

Visa first announced their plans for a mobile wallet and bringing mobile payments to the Olympics in 2011, but in a Visa Europe news release from early 2012 they made a much stronger statement about the future of payments. Visa will be launching mobile payments and digital wallet services in 2012, something they are calling, and elaborated that these new services are “a key part” of their future payments strategy. Peter Ayliffe, Visa Europe’s Chief Executive, went on to say that mobile payments will revolutionize consumers’ shopping experiences such that by 2020 Visa predicts “that over half of all Visa transactions in Europe will be on a mobile device.”

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