Fashion retailer Cos has become one of the first partners of Visa’s new Recommerce Behavioural Insights Lab, an initiative running experiments to understand how consumers can be helped in engaging with a more circular economy. The financial services firm hopes to partner with leading brands on the cause in order to aid in bridging the gap...
13 Jul 2023
Visa, Mastercard and American Express have all suspended operations in Russia following the country’s invasion of Ukraine. In a statement, Stephen J. Squeri, chairman and chief executive at American Express, said: “In light of Russia’s ongoing, unjustified attack on the people of Ukraine, we are suspending all operations in Russia. “As a result,...
7 Mar 2022
Fashion brands and retailers selling on Amazon will be pleased the online giant has scrapped plans to ban Visa cards from its UK payment options. In an ongoing dispute between the credit card company and retailer, Visa was to be frozen out until an agreement was reached. “The expected change regarding the use of Visa credit cards on Amazon.co.uk...
17 Jan 2022
Consumer spending on clothing and footwear rose in 3.6 percent in July, the first increase in three years, according to Visa and HIS Markit’s monthly consumer spending index. Household expenditure rose +2.4 percent on the year in July, after -6.5 percent decline in June. E-commerce spending soared at record pace, up 16.2 percent as consumers...
20 Aug 2020
When it comes to how much a retailer must pay a credit card company per transaction is complicated. The card issuer, credit card company and processor all benefit from a per transaction fee and retailers pay different rates based on how the card is processed. However complicated the process is, the UK Supreme Court, Britain’s highest court, has...
18 Jun 2020
The European Commission has accepted an offer by Visa and Mastercard to significantly reduce the fee European retailers need to pay to the cardholder’s bank when a tourist or online shopper makes a payment using a credit card issued outside the bloc. Known as Inter-regional interchange fees or inter-regional MIFs, these fees will now be reduced...
30 Apr 2019
Consumer spending dropped by 1 percent in December 2018, with the run-up to Christmas hitting the sector particularly hard, new data shows. Visa’s UK Consumer Spending Index, compiled by IHS Markit, revealed that overall expenditure continued to decline at the end of last year - with December’s -1.0 percent year-on-year reduction the fastest...
16 Jan 2019
Last year was the first annual decline in consumer spending since 2012, as December sales reported lower than expected, according to data from Visa and IHS Markit. December saw household expenditure fall by 1 percent, following the similar 0.9 percent decrease in spending in November. The lower than expected festive spending has led to a 0.3...
9 Jan 2018
UK consumers continue to be cautious as overall spending in September dropped 0.3 percent according to the latest report by Visa, the biggest drop since 2013. A small growth in online spending of 2.3 percent last month failed to make up for the 3.2 percent decline in consumers making purchases in bricks and mortar stores. Spending dropped in...
10 Oct 2017
Various states of uncertainty negatively affect consumer confidence, as was evident in Visa UK's Consumer Spending Index figures released this week. Spending dropped in the second quarter to its lowest growth in nearly four years, and even the good amount of sunshine didn't prevent consumers from watching their pennies. According to the report,...
14 Jul 2017
Visa has opened a new innovation centre at its European headquarters in London to act as an “immersive environment” where the payments firm can work side-by-side with financial institutions, merchants and other partners to develop the next generation of payment solutions. The 10,764 square foot space will enable Visa to host partners and clients...
1 Mar 2017
British consumers spending increased by just 0.4 percent year-on-year in January, according to the latest UK Consumer Spending Index by Visa, which indicates that consumer spending is starting to lose momentum. January’s slow growth of 0.4 percent marks not only a decrease on December’s 2.5 percent growth, but also a five-month low and aside...
13 Feb 2017