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£100bn e-commerce sector 'booming'

Visa

2 min read Partner content

Britain's online merchants are attracting international consumers as e-commerce booms, according to Visa Europe.

The payments company said " E-commerce is exploding".

"UK consumers are leading the world when it comes to internet payments and UK online merchants are attracting high levels of interest from international consumers," a spokesperson said.

"Innovations in technology and the digital shopping experience, including online payments such as the forthcoming V.me by Visa digital wallet, are therefore key to harnessing the burgeoning opportunities that e-commerce present."

Visa Europesaid £100bn was spent online with Visa at UK-based merchants in the year to August 2013, equating to £3,170 being spent every second.

This now means that £1 in every £4 of spend with Visa at UK merchants is happening online.

In 2009 £50.2bn was spent online with UK merchants, a total that was surpassed in the first six months of 2013 (£52bn).

International spend generated almost a fifth (£16bn) of £100bn spent with Visa online at UK merchants in the year to August 2013. £7 billion of that spend was from outside Europe.

The top five international spenders with Visa at online UK merchants are: USA, Italy, France, Japan and Germany.

Marc O’Brien, Managing Director at Visa UK, said: “In just four years we have seen online spending at UK clothing merchants with Visa nearly double in growth from £1 in £7 in 2009, to £1 in £4 in 2013.

"In fact, online spending with Visa is now at an unprecedented scale across all sectors including airlines, supermarkets and services, indicative of the ever increasing preference to make purchases online, largely fuelled by the explosion in smartphones and tablets.

“At Visa Europe, we are enabling merchants to take advantage of the possibilities that e-commerce present by making sure that online spend is safe, through Verified by Visa, and convenient through the introduction of V.me by Visa, our digital wallet."