- Visa Europe predicts that €565 million will be spent online as transactions top 10 million, making 10th December the busiest online shopping day ever across Europe
- Almost 7,000 transactions set to take place every minute on Visa cards
- Transaction volumes expected to rise 20% year-on-year
London, 26 November 2012 - Monday 10th December is set to be the busiest day ever for online shopping across Europe, according to analysis by Visa Europe, who predict that 10 million transactions will take place on Mega Monday. The payments technology company expects more than €565 million to be spent online by consumers with their Visa cards, the majority (80%) of which will be spent on debit cards.
Shoppers will spend an average of almost €400,000 every minute, with transactions forecast to peak between the hours of 20.00 and 21.00 GMT.
Visa Europe’s processing platform is predicted to handle around 7,000 transactions every minute as consumers across Europe seek out this Christmas’ must-have presents and attempt to benefit from online bargains and beat the Christmas shopping crowds.
Dr Steve Perry, Commercial Director at Visa Europe, said: "On Mega Monday this year we are predicting a 20% rise on 2011 and for the first time we expect to process 10 million online transactions across Europe in a single day. We are seeing consumers increasingly turn to the internet to make purchases and this reflects the confidence that shoppers feel about the security of using their Visa cards for online transactions, particularly where they've been Verified by Visa. The volume of transactions we process on a daily basis, as well as our historical trend data, provide us with an incredible insight into consumer spending patterns."
The busiest high-street shopping day often falls two days before Christmas Day. The weekend of 22nd -23rd December will be a key time for many consumers to make last minute purchases, with Visa Europe predicting Saturday 22 December to be the busiest day for shopping on the high-street across Europe.
Visa bases its predictions on up to the minute spending data and previous years’ Christmas spending trends. Over €1 in every €7 spent in Europe is on a Visa card, making this data one of the most reliable indicators of trends in consumer spending.
Visa Europe’s top tips for safe shopping online
To ensure consumers are always protected when shopping online, Visa Europe provides the following tips:
- Use the latest version of your browser's software and check to be sure your computer's operating system software is up to date.
- Shop with retailers you know about, or research them first to ensure they are reputable and reliable.
- Make sure that your card details will be encrypted securely before being sent across the internet – look for an unbroken key or lock at the bottom of your browser window or check the website address, which should begin https:// rather than http://
- Keep a record of your internet transactions, including the retailer's website address. Many online stores send customers e-mails summarising the purchase details – make sure you save or print these.
- Before buying, read the delivery and return policies that should be on the retailer’s website. Can unsatisfactory items be sent back? If the items are faulty, can you get a refund or a credit note?
- The retailer’s website should also have information about delivery arrangements and costs, currencies they accept and taxes that apply.
- Look for a telephone number or e-mail address and note them down in case you have any queries.
About Visa Europe
In Europe, there are 460 million Visa debit, credit and commercial cards. In the 12 months ending June 2012 those cards were used to make purchases and cash withdrawals to the value of €1.8 trillion. 14% of consumer spending at the point of sale in Europe is with a Visa card, and almost 80% of that is on Visa debit cards.
Visa Europe is independent of global Visa Inc., with an exclusive, irrevocable and perpetual licence in Europe, while both companies operate to ensure global interoperability. 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.
Visa enjoys unsurpassed acceptance around the world. In addition, Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in over 200 countries.
For more information, visit http://www.visaeurope.com/