LONDON--(BUSINESS WIRE)--Visa today confirmed that it will support consumer payments with the iPhone 6, iPhone 6 Plus, and Apple Watch. Participating financial institutions, initially in the U.S. and eventually in other markets, will be able to add Visa debit and credit cards to Apple Pay and enable their customers to make easy and secure purchases at select merchants both in stores and in apps.
Steve Perry, Chief Digital Officer at Visa Europe, commented: “Apple’s entry to the market represents a critical piece of the mobile payments jigsaw. This is a pivotal moment for digital payments and one that demonstrates the momentum behind mobile and contactless services.
“Visa Europe has led the rollout of NFC and mobile payments ever since we launched the first contactless cards and terminals in 2007. Today there are more than 1.5 million Visa contactless terminals in stores across Europe – all ready to take mobile payments. Apple’s decision to enter the market reflects the scale of opportunity that exists in digital payments today. Its support will drive awareness and usage of contactless services around the world – we anticipate a “halo effect” that will benefit all players in the mobile payments ecosystem.
“We are working closely with Apple and with our member banks to bring this new service to market in Europe.”
About Visa Europe
Visa Europe is a payments technology business owned and operated by member banks and other payment service providers from 37 countries across Europe.
Visa Europe works at the forefront of technology to create the services and infrastructure which enable millions of European consumers, businesses and governments to make electronic payments. Its members are responsible for issuing cards, signing up retailers and deciding cardholder and retailer fees.
Visa Europe operates a high volume, low cost business model that provides services to its members. Its surplus is reinvested into the business and used to improve capital and reserves.
There are 500m Visa cards in Europe, while €1 in every €6.50 spent in Europe is on a Visa card. In the year to September 2013, total expenditure on Visa cards reached €2 trillion, while point-of-sale spend increased by 8.5% to €1.4 trillion. Annual online spending on Visa cards continues to grow (20% year-on-year) and now stands at €240bn.
Since 2004, Visa Europe has been independent of Visa Inc. and incorporated in the UK, with an exclusive, irrevocable and perpetual licence in Europe. Both companies work in partnership to enable global Visa payments. As a dedicated European payment system Visa Europe is able to respond quickly to the specific market needs of European banks and their customers - cardholders and retailers - and to meet the European Commission’s objective to create a true internal market for payments.
For more information, please visit www.visaeurope.com