SAN FRANCISCO – Visa International today announced that it expects 2004 global e-commerce sales volume to exceed US$150 billion by the end of the year, a 56 percent increase over volume of US$96 billion a year ago.
“Consumers are increasingly confident about the Internet as a global retail channel, particularly as services like Verified by Visa make online shopping safer,” said Tim Lee, vice president, global e-commerce, Visa International. “A secure foundation coupled with increased demand for specialized products not offered in local markets continues to drive cross border transaction volume growth, just 10 years after the first Internet transaction took place.”
Cross border transactions now represent 16 percent of all Visa e-commerce transactions, up from 15.2 percent a year ago. Other global Visa e-commerce highlights include:
- Average e-commerce transaction value at US$107 versus US$70 in the physical card acceptance environment;
- Online sales represent 7.4 percent of all transaction volume, up from 5.5 percent a year ago;
- Online Visa sales originate in over 90 countries, purchased with Visa cards issued in over 150 countries worldwide.
“We believe that consumer confidence comes from an increased familiarity with the channel and the improved security available for online shoppers,” continued Lee. “With cardholder authentication using Verified by Visa, virtually all fraud-related chargebacks have been eliminated.”
Over 15 million cardholders worldwide are actively using Verified by Visa while shopping on the Internet. In its third year of operation, the program continues to grow on its own merits with key merchant participants having proved the business case and serving as models for smaller online merchants. More than 10,000 member financial institutions and 30,000 merchants are now participating in the Verified by Visa program globally.
About Visa
Visa is the world’s leading payment brand generating US$3 trillion in annual card sales volume. Visa has unsurpassed acceptance in more than 150 countries. The Visa organization plays a pivotal role in developing innovative payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet based payments and is pioneering the creation of u-commerce, or universal commerce — the ability to conduct commerce anywhere, anytime, and any way. For more information, visit www.corporate.visa.com.
