Visa: Digital commerce on the rise

Foster City, Calif. – Consumers are spending more money via digital commerce than ever before. According to a new survey from Visa and GfK Research, “The Way We Pay,” more than half of respondents are more comfortable spending money online today than five years ago. The data shows that consumers are spending more than they ever have – exceeding $1 billion per day on the Visa network in 188 days since January.

In addition, 53% of respondents who buy online do so without going to a retail store to see or test a product before buying online, suggesting the popularity of showrooming may be on the decline. Twenty-seven percent of smartphone owners and 24% of tablet owners have made an online purchase in the past 12 months. Other findings include:

  • Twenty-seven percent of smart phone users and 24% of tablet owners have used their mobile device to make a purchase in the past year.
  • The mobile-payments market is expected to grow by 31% this year to $235.4 billion, and to increase by more than three-fold by 2017.
  • More people (57%) say that digital wallets already have, will or may replace a physical wallet in the next five years than those who say it will never happen (43%).
  • On average, 40% of respondents carry less than $20 in their wallet.

The survey was conducted by telephone of 1,000 U.S. consumers age 18 and older, 500 men and 500 women, in August 2013.

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