Half of Visa’s payments will be via mobile by 2020, says Visa Europe VP
By 2020 half of all Visa’s transactions will be via mobile devices, according to senior VP of new product development for Europe, Caroline Hawkett.
Speaking at the Internet Advertising Bureau’s (IAB) Mobile Engage event in London today Hawkett said that Visa views mobile as the opportunity to “redefine” payments.
“We expect 50 per cent of our transactions to be from mobile devices by 2020,” she said, adding that payments will also help drive mainstream uptake of near-field communications (NFC).
The mobile payment experience must be “frictionless” for consumers, convenient and simple to use as well as providing a completely safe environment in which consumers can feel comfortable transacting.
“As long as we meet all this criteria there is no reason why most consumers will not accept paying via mobile devices,” she said.
Although Visa has committed to mobile payments there remain certain challenges it must address.
“The blurring and interaction between the physical and online world, with people starting with one device and finishing with another, means there is a lot of work for us to do to understand what consumers want,” she said.
Hawkett also warned not to “forget the human component” and ensure consumer needs are properly met.