New alternative to Oyster and cash in London

To celebrate the launch of contactless payments on London’s buses today, Visa Europe reveals research showing the strength of consumer demand for an alternative to complement Oyster and cash

London, 13 December 2012 - To coincide with the launch of contactless payment on London buses today, Visa Europe has released survey results showing that more than three quarters (77 per cent) of London public transport users would like an alternative payment solution to cash and Oyster. Almost half of respondents (46 per cent) named contactless payments as their preferred alternative.

The survey of 2,050 public transport users in the greater London area in November 2012, conducted by research company Populus, reinforced today that Oyster is the most-used payment method for public transport. Eighty-eight per cent of respondents use the technology, of which 77 per cent frequently use the system (between daily and four times a week) and three fifths (60 per cent) frequently use buses.

Mark Austin, Vice President - Contactless at Visa Europe said: “Introducing NFC-based Oyster payments on London transport has made travelling around the capital incredibly convenient. Making contactless payments available on the buses means that even people who don’t have an Oyster card have a faster and more efficient alternative to cash.”

The addition of contactless card payments to the London bus network will be good news for the three in five people who have run out of Oyster credit when making a journey in the last 12 months – ensuring that there’s always a fast and efficient way to travel in the capital without ever needing to resort to cash.

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.

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