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New technology helps VISA online holiday sales reach $1 billion

Friday 21 November 2003 11:26 CET | News

Canadian VISA cardholders are expected, for thefirst time ever, to push their online holiday shopping purchases to the $1 billion threshold this year, as Canadian shoppers and Internet merchantsincreasingly embrace the security of Verified by Visa.

The surge in online sales, during a challenging year for many Canadian retailers, comes as Visa has taken decisive action to provide greater confidence and security to online shoppers. Verified by Visa, a global Visa initiative, has only recently been introduced to the Canadian electronic marketplace, and already 2,000 domestic retailers have recognized its value and are adopting the technology. At the same time, tens of thousands of Canadian VISA cardholders have registered for the program, having learned about the convenience and peace of mind it offers. Financial institutions offering the service to Canadian VISA cardholders include CIBC, Citizens Bank of Canada, Laurentian Bank, RBC Royal Bank, Scotiabank, TD Canada Trust, and Vancouver City Savings Credit Union. Merchants value Verified by Visa Motorola.ca is the first major retailer to go live with Verified by Visa in Canada. Among other well-known retailers that have already installed or are in the process of installing Verified by Visa on their Canadian websites are Birks, Caynes Super Housewares, DVDBoxOffice.com, Mastermind Toys, Movieposter.com, and VIA Rail Canada. Some other merchants that recognize the value of Verified by Visa, and are planning to implement it on their Canadian websites in 2004 include Future Shop, Radio Shack, and Telus. Best ever online holiday shopping season in 2003 Visa expects Canadians to spend more than ever online during the 2003 holiday season. On average, Canadian VISA cardholders will spend $140 per transaction and the company expects books, toys, electronic equipment, clothing, and music to be the most popular items purchased. During the 2002 holiday season, Canadian VISA cardholders purchased $772 million online. Based on sales figures to date, the company expects Internet sales on VISA cards to reach almost $3.4 billion in 2003. Consumer education The growth in the number of cardholders registering for Verified by Visa is being fuelled in part by an extensive advertising campaign, created by Leo Burnett of Toronto, including broadcast, print and online advertising, as well as statement inserts distributed to cardholders by Verified by Visa-enabled Member financial institutions.


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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce