Visa supports Pay.UK in delivering successful request to pay pilot ahead of full service launch

Press releases   •   May 27, 2020 08:00 BST

LONDON – 27 May 2020 – Visa has facilitated the first request to pay message sent and received using Pay.UK’s standards, ahead of the anticipated commercial launch of request to pay later this year.

Request to pay is a new, flexible way to settle transactions between businesses, organisations and individuals. The messaging service is designed to complement existing payment infrastructure and will sit alongside other UK billing and payment methods when launched to provide consumers and businesses additional choice and flexibility.

The service enables billers to directly request funds rather than sending traditional invoices. For each request, receivers are asked whether they would like to pay in full or in part, request an extension, communicate directly with the biller, or decline to pay.

Mat Lane, Head of Europe Real Time Payments & Global Applications, Visa, said: “Our support for Pay.UK’s request to pay pilot is a natural extension of our existing role as a global and open payments network. We are pleased that our knowledge and technical expertise played into the success of the pilot. We are keen to continue working with Pay.UK to develop the offering and join the full service when it launches as we continue to head towards our shared goal of modernising payments to meet the demands of digital payment services available to both individuals and businesses.”

Throughout the pilot, Visa tested over 100 biller and consumer use cases and over 40 exceptions, leveraging multiple payment initiation channels providing a comprehensive end-to-end pilot.

Paul Horlock, Chief Executive, Pay.UK, said:“The huge variety of companies that have been involved in request to pay’s development and testing phases – more than 400 in all, from start-ups to large payment service providers – is a clear demonstration that there is market appetite.

“The expertise of our pilot participants such as Visa, has played an important role in refining the request to pay message standards. We look forward to seeing the offerings developed by the industry and companies like Visa coming to market when request to pay launches later this year.”

Working with the other pilot participants, Visa played a critical role in developing the request to pay message that forms the basis of the Pay.UK standard. Having successfully completed accreditation to participate in the pilot and subsequently supported the delivery of live request to pay messages, Visa remained in the Pay.UK request to pay pilot to assist other participants in gaining their own request to pay pilot accreditation. All participants will now gain full accreditation to join the live request to pay service due to launch later this year.

Visa is immensely proud to be part of the Pay.UK request to pay pilot. Providers of accredited request to pay products will shape the evolving payment landscape, particularly through quality of information and innovative end user services.

Ends

Notes to Editors:

Further information about the request to pay messaging service is available on the Pay.UK website: https://www.wearepay.uk/request-to-pay/

About Visa

Visa is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit our website (www.visa.co.uk), blog (https://www.visa.co.uk/visa-everywhere/blog.html), and @VisaUK.

Read more »

UK Consumer Spending Index February 2020: First rise in consumer spending for 17 months

Press releases   •   Mar 18, 2020 12:11 GMT

Headline Findings:

  • Consumer expenditure up +0.6% year-on-year, first rise since September 2018
  • eCommerce sees solid increase in spending (+4.3%)
  • Hotels, Restaurants & Bars leads growth in February (+6.0%)

Visa’s UK Consumer Spending Index, compiled by IHS Markit, pointed to a return to growth in expenditure by UK households in February. Spending was up +0.6% year-on-year, following a fall of -1.8% in January and ending a 16-month sequence of declining spend.

On a monthly basis, expenditure rose +1.9%, the strongest monthly expansion since November 2018. On the other hand, the three-month-on-three-month measure showed a further reduction in spending of -0.8%.

Channel data indicated a broad-based rise in spending across both eCommerce and Face-to-Face categories in February. The increase in eCommerce spending was +4.3%, the largest year-on-year improvement since August 2017. Meanwhile, Face-to-Face spending grew by +1.4%, marking the first rise in expenditure for 17 months.

Adolfo Laurenti, European Principal Economist, Visa, commented:

“It is encouraging that the latest spending data showed some positive development in February, as the country prepares to face the challenges of the global coronavirus pandemic. Visa’s Consumer Spending Index rose by 0.6% over February 2019, with most categories reporting solid progress. Ecommerce registered the best performance in two-and-a-half years, and face-to-face spending rose for the first time since autumn 2018. Except for clothing and footwear, all categories posted gains over one year ago, with notable acceleration in Hotels, Restaurants & Bars, as well as in Food, Beverages & Tobacco, and Health & Education. As we noted previously, solid macroeconomic fundamentals were already supportive for an acceleration in spending once uncertainty lifted. Now coronavirus will test the resilience of the UK consumer.”

Annabel Fiddes, Principal Economist at IHS Markit, said:

“The return to growth of consumer spending seen in February was clearly a welcome development, but now is overshadowed by the clouds of uncertainty caused by the unfolding COVID-19 situation. Households are likely to take a step back from discretionary spending, and any restrictions on travel will also hit the experience economy. February may therefore come to be seen as the calm before the storm, with some difficult months ahead.“

Read Visa's UK February 2020 Consumer Spending here.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive.

Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second.

The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device.

As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit our website (www.visa.co.uk), blog (https://www.visa.co.uk/visa-everywhere/blog.html), and @VisaUK.

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2019 IHS Markit Ltd. All rights reserved. 

Headline Findings: • Consumer expenditure up +0.6% year-on-year, first rise since September 2018 • eCommerce sees solid increase in spending (+4.3%) • Hotels, Restaurants & Bars leads growth in February (+6.0%)

Read more »

UK Consumer Spending Index January 2020: Household spending continues to fall at the start of 2020

Press releases   •   Feb 20, 2020 09:56 GMT

Visa’s UK Consumer Spending Index, compiled by IHS Markit, showed that overall household expenditure continued to fall at the start of the year. Consumer spending declined -1.6% year-on-year in January, which was quicker than the -1.1% drop seen in December.

On a monthly basis, expenditure decreased -0.5%, which was softer than the -1.9% reduction seen in December. However, the three-month-on-three-month measure was flat (0.0%), to end a period of growth that began last October.

Channel data indicated that spending fell across both eCommerce and Face-to-Face categories in January. While eCommerce was boosted by a later than usual Cyber Monday during December, expenditure through this channel fell back into decline at the start of 2020. Face-to-Face spending meanwhile fell for the ninth month in a row.

Adolfo Laurenti, European Principal Economist, Visa, commented:

“Consumer spending in 2020 got off to a slow start with a fall of -1.6% year-on-year, led by a -2.5% drop in face to face expenditure. ECommerce was also down marginally, by -0.7%, a notable contraction when compared to December 2019’s +3.9% rise.

“January’s weak performance wasn’t contained to any one single spend category, with seven of the eight categories we track in negative territory for the month. Hotels, Restaurants & Bars was the only category to register an uplift, seeing a strong +4.5% rise.

“Although we might have hoped to see the UK’s stabalising political environment give consumers a reason to loosen their purse strings, the reality is that global macroeconomic headwinds continue to grow. It would be a brave move to forecast a marked improvement in the situation during the coming months.”

Annabel Fiddes, Principal Economist at IHS Markit, said:

“The latest Visa UK CSI data showed a further drop in overall household spending at the start of 2020, with the annual rate of decline quickening slightly from -1.1% to -1.6%. 

“While the later than usual timing of Cyber Monday helped to boost eCommerce expenditure in December, spending through this channel fell back into contraction territory in January, while the High Street continued to struggle and saw spend decline for the ninth month running. Broken down by sector, Hotels, Restaurants and Bars provided some glimmer of hope, and registered a solid increase in spend. However, expenditure fell across all other monitored areas, led by Clothing & Footwear.

“As there is still a degree of uncertainty over the outlook, as well as signs of slowing global growth, expenditure trends and economic performance are likely to remain relatively subdued in the months ahead. “

Read Visa's UK January 2020 Consumer Spending here.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive.

Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second.

The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device.

As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit our website (www.visa.co.uk), blog (https://www.visa.co.uk/visa-everywhere/blog.html), and @VisaUK.

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2019 IHS Markit Ltd. All rights reserved. 

Headline Findings: • Consumer expenditure down -1.6% year-on-year, after -1.1% drop in December • eCommerce spend slips back into decline (-0.7%) following strong upturn in December • Hotels, Restaurants & Bars is the only sector to record higher spending (+4.5%)

Read more »

Treorchy High Street crowned 'UK's best' in Great British High Street Awards

Press releases   •   Jan 23, 2020 16:00 GMT

EDINBURGH, 23rd January 2020 Treorchy High Street, Wales, has been crowned the UK’s best in this year’s Great British High Street Awards, in proud partnership with Visa, winning £15,000 for the local community.

Located in the county borough of Rhondda Cynon Taf in the Rhondda Fawr Valley, Treorchy High Street was announced as the ‘High Street of the Year’ at a prestigious ceremony in Edinburgh, attended by the High Streets Minister Jake Berry MP and representatives from the 39 shortlisted high streets.

The ‘Rising Star of the Year’ title, which identifies the high street taking the lead to adapt and diversify, has been awarded to The Square in Kelso, a market town in the Scottish Borders area. It was commended for its innovative initiatives designed to drive footfall and consumer spending on the high street.

Communities Secretary, Rt Hon Robert Jenrick MP said: “Congratulations to Treorchy on being crowned the UK’s best high street in this year’s Awards and to Wales for winning the top prize for the second year in a row.

“Our Great British High Streets are one of the great cornerstones of our society. They are places where our economies and our communities flourish and key to our levelling up agenda.

“This government, Visa and our other partners are committed to helping communities and businesses not just to survive but to thrive by adapting to the changing high street.

“I am delighted to see so many other dedicated individuals and organisations recognised for their efforts to secure the prosperity and vibrancy of our high streets, too.”

High Streets Minister, Rt Hon Jake Berry MP said: “Every place has its own unique strengths and challenges, but all our town centres and high streets have one thing in common – they are the beating heart of our communities.

“The Great British High Street Awards celebrate the grit and determination of local people who are dedicated to supporting their communities, growing their local economy and finding innovative solutions to modern day challenges.

“Today in Edinburgh I saw the very best of our high streets and I want to take this opportunity to congratulate all of this year’s winners and to give my personal thanks to the individuals and communities helping to build the future of the high street. I am delighted to see such strong examples of thriving high streets from every nation in our United Kingdom.”

High Street of the Year, Treorchy

Adrian Emmett, owner of The Lion pub in Treorchy, nominated the village’s high street for the Great British High Street Awards following successful high street initiatives undertaken by the local community, including regular cultural events such as a Christmas Parade and the Rhondda Arts Festival.

A newly launched ‘Visit Treorchy’ website has also helped give local businesses a greater presence online, while a strategic partnership provides digital training and support to local entrepreneurs. A ‘Hop, Shop and Save’ scheme offers businesses advertising space on local buses in return for instore discounts for customers, helping to promote public transport, reduce air pollution and drive footfall to high street outlets – 80% of which are independently owned.

Rising Star of the Year, The Square, Kelso

Tina Newton, of Border Cookware in Kelso, nominated the high street for the Rising Star Award after the town managed to increase footfall despite cuts to services.

To ensure survival of the community, it aims to launch a bespoke app to promote a variety of events, activities, businesses and organisations in order to raise awareness and ultimately to drive continued footfall to the area.

Within the app will be a bespoke area guide, as well as an interactive PDF linking to the Visit Kelso website and individual business websites. Social media integration and aligned promotional material has been considered for maximum reach and impact across channels.

Ultimately, the initiative offers promotion and mutual benefit for other businesses and local events to drive consumer engagement and interest from within and outside the area.

Jeni Mundy, Managing Director, UK & Ireland, Visa, commended the community of Treorchy, saying: “Treorchy and The Square in Kelso are fantastic examples of communities that have made huge strides in transforming their high street to significantly improve the experience for locals and visitors alike. Their success goes to show that where you shop really does matter.

“For Treorchy, a rich cultural calendar combined with a desire to experiment with new ways to drive people to shop local shows how independent businesses can come together to make the high street a better place for all. The Square, Kelso showcases a clear understanding of its community and drive to innovate to help the high street thrive.

“Visa’s research reveals four in five consumers (80%) say that a thriving high street makes a town or village a more appealing destination, underlining why we all need to get behind our local businesses.”

Speaking at the Awards ceremony, Adrian Emmett of Treorchy Chamber of Trade, commented:“We are honoured to be named the UK’s best high street and hugely grateful to both the Great British High Street Awards and Visa for putting our beloved high street on the map! It is undoubtedly the commitment, hard work, dedication and drive of the whole community of Treorchy and the surrounding area that has helped us to win this!”

Tina Newton of Visit Kelso said: “We are delighted to be recognised as Rising Star of the Year. The Award is testament to the hard work of our community team in encouraging people back to the high street through innovation and customer experience! We are excited to deliver the initiatives during the year ahead and are extremely thankful to the Great British High Street Awards and Visa for the opportunity.”

Eight high streets, two from each Home Nation, also won awards in the Champion High Street and Rising Star categories, winning £5,000 for community initiatives. High Street Heroes – those individuals who have gone above and beyond for their local high street – were also recognised.

The full list of winners is as follows:

High Street of the Year:

  • High Street, Treorchy

Rising Star of the Year:

  • The Square, Kelso

Champion High Streets:

  • England: Belper Town Centre, Belper
  • Scotland: Main Street, Prestwick
  • Wales: High Street, Treorchy
  • Northern Ireland: High Street, Newtownards

Rising Star High Streets:

  • England: Yarm High Street, Stockton-on-Tees
  • Scotland: The Square, Kelso
  • Wales: Palace Street, Caernarfon
  • Northern Ireland: Newry City Centre, Newry

The winning high streets across all the categories were commended for demonstrating their commitment to their local community, improving customer experience, having an environmental mind-set, an innovative approach to retail and providing community leadership.

The Great British High Street Awards 2019, run by the Ministry of Housing, Communities & Local Government in proud partnership with Visa, recognises and celebrates local achievements on the UK’s high streets and supports the communities in which we live and work.

For more information about the Great British High Street Awards 2019 and details on all the winners, visit: www.thegreatbritishhighstreet.co.uk.

ENDS


Research:

*Research commissioned by Visa and conducted by 3GEM between 11th – 18th April 2019, following original research commissioned by Visa and conducted by 3GEM in April 2018. Both surveyed 2,000 consumers and 750 small high street businesses (independent businesses located on a high street, with less than 50 employees) across the UK.

All figures supplied are obtained from this research, unless stated otherwise.

Contacts:

For more press information about the Great British High Street Awards 2019 or last year’s winners, to request high res images and video footage, or to arrange an interview with a small high street business case study, please contact Grayling: visahighstreet@grayling.com.

About Visa Inc.

Visa is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit our website (www.visa.co.uk), blog (https://www.visa.co.uk/visa-everywhere/blog.html), and@VisaUK.

• Treorchy has been crowned ‘High Street of the Year’, with ‘Rising Star of the Year’ awarded to The Square, Kelso in the Government-run Great British High Street Awards 2019, in partnership with Visa • The high streets, commended for innovation and community engagement, win £15,000 for the local community • Champion and Rising Star high streets across all four Home Nations also announced

Read more »

Visa launches scheme to enhance access to cash through retailers

Press releases   •   Jan 22, 2020 08:00 GMT

LONDON – 22 January 2020 – Visa is launching an industry-wide ‘access to cash’ scheme with its partner banks to incentivise retailers to offer cashback in areas of the UK where consumers currently struggle to access cash. The new initiative will incentivise shops and businesses to offer cashback to consumers using their Visa debit cards.

The scheme aims to increase the number of locations where cashback is offered. While cashback has been available in the UK since 1990, Visa has seen the volume of transactions declining across the country in recent years.

To ensure that the most vulnerable areas see the greatest benefit, the new cashback incentive will target areas of the UK where access to cash has been identified as being more difficult, such as the most remote and rural locations.

In addition, the initiative will also encourage individuals to visit and shop in their local communities, driving footfall and revenue for independent retailers.

Jeni Mundy, Managing Director, UK & Ireland, Visa, said: "The popularity of digital payments continues to surge across the UK, however we know that cash still plays a vital part in the lives of many. This is why we want to help increase the number of options that people have to gain access to cash, helping to extend financial inclusion by enabling customers to choose how they pay – be that by cash, cards, mobile devices or other means. We also hope our scheme will encourage people in the target areas to visit their local shops at a challenging time for retailers."

The industry-wide scheme follows an innovative pilot between Visa and Lloyds Banking Group which aimed to increase the number of locations where cardholders were able to withdraw cash.

Vim Maru, Group Director, Retail Bank, Lloyds Banking Group, said: "Lloyds Banking Group maintains the biggest branch network of any bank in the UK and is committed to ensuring access to cash, including a free-to-use ATM network alongside other ways of accessing cash locally. Through the cashback pilot we’ve been running in partnership with Visa since early last year, we’ve improved the availability of cash in local communities, particularly in areas under-served by free-to-use ATMs and where consumers’ access to cash may be restricted. We’re delighted that Visa is now encouraging all of its bank partners to get behind the scheme and create a cashback system that both rewards retailers and protects access to cash."

As access to coins and notes reduces, Visa is actively working with its partners to explore innovative solutions to ensure that consumers and merchants are able to pay and be paid in whichever way they choose. For example, Visa hopes to be able to make cashback without purchase available in the future.


ENDS


About Visa

Visa is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit our website (www.visa.co.uk), blog (https://www.visa.co.uk/visa-everywhere/blog.html), and@VisaUK.

• Visa is working with its clients to introduce a new incentive to encourage more retailers to offer cashback to their customers; • Scheme targets vulnerable areas where consumers struggle to access cash; • Initiative follows focused pilot with Lloyds Banking Group last year.

Read more »

UK Consumer Spending Index December 2019: Overall consumer spending falls despite strong eCommerce performance

Press releases   •   Jan 15, 2020 11:31 GMT

Visa’s UK Consumer Spending Index, compiled by IHS Markit, pointed to a softer fall in household expenditure at the end of 2019. Overall, consumer spending declined -1.2% on an annual basis in December, following a -2.0% reduction in November.

Compared to the previous month, expenditure fell -1.9% at the end of the year, after a +1.5% increase in November. The three-month-on-three-month measure meanwhile continued to signal a mild improvement in underlying expenditure trends, and posted a +0.5% increase.

ECommerce categories saw a marked pick up in spend in December, with expenditure rising at the quickest rate since August 2017 (+3.8% on the year). This was likely helped by the timing of Cyber Monday, which occurred in December in 2019 as opposed to November. However, spending continued to decline across Face-to-Face categories (-3.4%).

Adolfo Laurenti, European Principal Economist, Visa, commented:

"Last year’s late Cyber Monday delivered the one bright spot for UK consumer spending in December, as ecommerce rebounded by 3.8 percent over the prior year, following a rather disappointing reading in November. Yet the rise in online shopping was insufficient to lift overall spending, which slipped by 1.2 percent for the year, dragged down by persistent headwinds in face-to-face retail.

"Food & Beverages, Household Goods, and Health & Education were the sectors which struggled the most, with all three losing more than 3% against December 2018. The index validates concerns about a poor performance of the British economy in the fourth quarter, in line with ONS data and industry reports. Nevertheless, and at the risk of sounding an optimistic note, the pace of deterioration has abated and signs of stabilisation are emerging; on a quarterly basis sales rose by 0.5 percent. We will take the silver lining as cautiously promising as we head into 2020."

Annabel Fiddes, Principal Economist at IHS Markit, said:

"Household expenditure trends remained subdued at the end of 2019, with the Visa CSI showing a further drop in spend in December. However, the -1.2% year-on-year reduction was softer than the -2.0% decline seen in November, helped in part by a surge in eCommerce spend. The latter was likely boosted by the later timing of Cyber Monday in 2019, which supported a +3.8% annual increase in online sales,; the quickest rate of growth in this category since the summer of 2017. However, the high street continued to dampen the headline figure, with Face-to-Face expenditure down -3.4% compared to a year ago.

"The subdued spending picture coincides with relatively lacklustre economic growth, as highlighted by recent ONS and IHS Markit PMI data, as uncertainty weighed heavily on businesses and households. December’s decisive election result adds to hopes that confidence will recover, however, which in turn could support a recovery in business activity and consumer spending."

Read Visa's UK December 2019 Consumer Spending here.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive.

Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second.

The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device.

As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit our website (www.visa.co.uk), blog (https://www.visa.co.uk/visa-everywhere/blog.html), and @VisaUK.

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2019 IHS Markit Ltd. All rights reserved.

Headline Findings: • Household spending drops -1.2% on the year, after -2.0% decline in November • Solid rise in eCommerce spend (+3.8%) is offset by further decline across Face-to-Face categories (-3.4%) • Hotels, Restaurants & Bars remains top performing sector (spend up +3.8%)

Read more »

Independent children’s boutique scoops national TV advertising spot after winning Visa’s Christmas copycat competition

Press releases   •   Dec 20, 2019 15:08 GMT

Edinburgh’s eco-conscious children’s store, Bon Tot, has been crowned the winner of Visa’s #WhereYouShopMatters copycat competition and will see their winning submission aired during ITV’s Dancing on Ice launch show for millions to see.

The heart-warming video, which features five adorable youngsters acting as shopkeepers and singing along to Queen’s Somebody to Love, quickly proved a hit after being submitted in the nationwide contest and has amassed more than 8,000 views on Instagram to date.

The competition was launched as part of Visa’s ongoing support of the British High Street. Building on the success of last year’s creative, which saw high street businesses organically create their own version of Visa’s TV commercial, the contest invited the UK’s independent retailers to create a copycat version of the 2019 Christmas advert. Local businesses from across the nation backed the campaign, which is encouraging people to switch their focus from what they are buying to where they are buying and urging shoppers to show their local high streets some love this Christmas and beyond.

Close contenders for the win included:

  • Flea Circus, a one-stop shop in Newcastle with a mix of delights for sale, from vintage furniture and fashion to second-hand books and collectibles.
  • Harriman & Co, an eclectic homewares store based in Leicester offering a hand-picked selection of homeware and furniture, who rallied support from other local retailers for their entertaining entry.
  • Designer Childrenswear, a family-owned children’s boutique in Sunderland selling a carefully curated selection of designer childrenswear.

Visa’s Christmas campaign is supporting the UK’s independent retailers for a second year running. Through its ‘Where You Shop Matters’ Christmas campaign Visa has put the spotlight on over 150 independent retailers nationwide, including featuring real shopkeepers in its national TV commercial as well as across personalised adverts on prime city-centre billboards and geo-targeted ads on social media.

Jeni Mundy, Managing Director, UK & Ireland, Visa commented: High streets and independent retailers play such an important role in our society – a pillar for communities across the country, providing employment and driving local economies. Once again, we’ve put the focus of our Christmas campaign on these heroes of the British High Street and it has been fantastic to see so many independent retailers come together to recreate our Christmas advert to show why Where You Shop Matters. Congratulations to Bon Tot and St Stephen Street, we can’t wait to see the advert air nationally!”

St Stephen Street in Stockbridge, Edinburgh, boasts a local village vibe thanks to its high street of independent retailers including delis, speciality shops and thrift stores. Bon Tot is a modern kids’ store for modern families, offering a collection of ethically sourced clothing, eco-lifestyle products and baby gifts.

Commenting on the win, Kristina, owner of Bon Tot said, “We are absolutely thrilled to have won the Visa #WhereYouShopMatters competition! We firmly believe that family-run businesses are what keep our creative, diverse and local communities afloat, so it was only right to get family, friends and customers involved to show the importance of supporting independent businesses this Christmas.”

“Family is at the heart of Bon Tot, so we wanted the local kids, led by our daughter, Clemence, to take the lead - with support from our awesome neighbouring independents! It was huge fun filming the advert and seeing it air on national TV will be a real ‘pinch me’ moment - it means so much to us and our amazing local community and shop neighbours here in Stockbridge.”

Bon Tot will see their advert aired on national TV during ITV’s Dancing on Ice launch show on Sunday 22nd December 2019 where over 5 million viewers are expected to tune in. By shining the spotlight on Bon Tot and St Stephen Street in a national advertising slot, Visa wants to inspire people up and down the country to visit their own high streets and shop locally this Christmas and beyond, as we believe Where You Shop Matters.

ENDS

Contacts

For more press information please contact Grayling on behalf of Visa: VisaChristmas@grayling.com

Tel: +44 (0) 207 795 5336

About Visa Inc.

Visa is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit our website (www.visa.co.uk), blog (https://www.visa.co.uk/visa-everywhere/blog.html), and@VisaUK.

• Modern kids’ store, Bon Tot, has been selected as the winner of Visa’s #WhereYouShopMatters copycat competition • Bon Tot will see their winning submission aired in a prime-time ad spot during ITV’s Dancing on Ice on 22nd December

Read more »

UK Consumer Spending Index November 2019: Consumer spending falls modestly during November

Press releases   •   Dec 18, 2019 12:34 GMT

Visa’s UK Consumer Spending Index, compiled by IHS Markit, showed that expenditure fell by -2.0% on an annual basis in November, slightly quicker than the -1.1% decline seen in October.

On this measure, household spending has now fallen in each of the past 14 months. On a monthly basis, expenditure rose by +1.5%, likely helped by the Black Friday sales that took place at the end of the month, while the three-month-on-three-month measure posted a +0.8% increase.

Compared to last year, spending fell through both the Face-to-Face (-2.0%) and eCommerce (-2.6%) channels, with the latter posting the steepest fall since mid-2012. However, the later timing of the Black Friday weekend, which extended in to December, likely weighed on overall performance in November.

Adolfo Laurenti, European Principal Economist, Visa, commented:

“Visa’s latest UK Consumer Spending Index shows some encouraging signs of improvement. On a seasonally adjusted basis, spending rose by +1.5% in the month, and by +0.8% on the quarterly measure. Meanwhile, overall consumption slipped -2.0% year-on-year on the back of weakness in both face-to-face and ecommerce channels. At the category level, seven of the eight broad spending categories registered year-on-year declines in spend – with the exception of Hotels & Restaurants that outperformed other categories (+3.9% year-on-year)."

“While softer spending has been a trend through the summer and autumn, the two consecutive upticks in expenditure on the quarterly measure suggests that there is some momentum going into the final weeks of the year, and the favourable macroeconomic conditions that we noted in the past (rising wages and income, low unemployment rates) are beginning to translate into a more confident consumer. This is consistent with some more positive attitudes emerging from consumer confidence surveys, which show a reversal of the negative trends for selected demographic and regional segments.”

Annabel Fiddes, Principal Economist at IHS Markit, said:

“The latest Visa CSI numbers painted a disappointing picture for November, with expenditure dropping further and across both Face-to-Face and eCommerce channels. The timing of Black Friday sales, which occured later this year compared to 2018, has likely dampened any spending figures for this November as the event stretched into December. Nonetheless, the relatively weak health of the economy, as highlighted by recent GDP figures and PMI data, adds to the downbeat assessment of current conditions as the UK grapples with uncertainty around Brexit as well as a general election. Subdued economic growth and expenditure trends are therefore likely to persist unless there is greater clarity around the outlook and a rebound in confidence.”

Read Visa's UK November 2019 Consumer Spending here.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive.

Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second.

The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device.

As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit our website (www.visa.co.uk), blog (https://www.visa.co.uk/visa-everywhere/blog.html), and @VisaUK.

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2019 IHS Markit Ltd. All rights reserved. 

Headline Findings: • Household spending falls -2.0% compared to a year ago • Face-to-Face (-2.0%) and eCommerce (-2.6%) register lower expenditure • Hotels, Restaurants & Bars buck the overall trend and sees higher spend (+3.9%)

Read more »

UK Consumer Spending Index October 2019: October sees marginal drop in household spend

Press releases   •   Nov 13, 2019 09:56 GMT

Visa’s UK Consumer Spending Index, compiled by IHS Markit, indicated that expenditure fell on an annual basis for the thirteenth month in a row during October. That said, the rate of decline softened from -2.3% on the year in September to -1.1%, to indicate the weakest pace of contraction for six months.

Household spending also slipped on a month-on-month basis (-0.3%). However, the three-month-on-three-month measure showed an increase (+0.2%) for the first time since January. Expenditure split by channel showed a renewed increase in eCommerce spend (+1.1% year-on-year), which ended a two-month sequence of decline. At the same time, Face-to-Face expenditure fell at a softer pace compared to September (-2.4%).

Adolfo Laurenti, European Principal Economist, Visa, commented:

“Consumer spending was once again muted in October as household spending declined -1.1% year-on-year, according to Visa’s latest UK Consumer Spending Index. That said, there are a couple of silver linings in the report. First, the pace of decline abated from -2.3% year-on-year in September, offering some hope that spend will stabilise as we approach the crucial holidays shopping season."

"Second, eCommerce posted a renewed increase in spend (+1.1% year-on-year), ending a two-month sequence of decline. This trend highlights the ‘tale of two retails’, where bricks and mortar shops continue to face challenging headwinds, while eCommerce channels are faring relatively better. Finally, several categories appear to be close to a turning point – despite suffering declines in October, we are particularly hopeful that Food & Beverages, Health & Education, and Hotels, Restaurants & Bars could return to growth before the end of the year.”

Annabel Fiddes, Principal Economist at IHS Markit, said:

“Household spending across the UK fell again in October, according to latest Visa CSI data, albeit only slightly. Despite the overall downward trend, there were some signs of improvement when looking at the more detailed datasets.ECommerce spending increased for the first time in three months, while the majority of sectors noted softer falls in expenditure compared to September."

“However, it seems unlikely we will see a meaningful recovery in expenditure trends until there is greater clarity around the outlook, as economic and political uncertainty continues to weigh heavily on both consumers as well as businesses.”

Read Visa's UK Consumer Spending Index October 2019

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive.

Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second.

The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device.

As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit our website (www.visa.co.uk), blog (https://www.visa.co.uk/visa-everywhere/blog.html), and @VisaUK.

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2019 IHS Markit Ltd. All rights reserved. 

Headline Findings: • Consumer spending declines -1.1% on an annual basis in October • Face-to-Face expenditure falls again (-2.4%), but eCommerce sees rise (+1.1%) • Recreation & Culture is only sector to register an increase in spending at start of fourth quarter (+0.3%)

Read more »

Visa rallies singing shopkeepers with its Christmas campaign to show why ‘Where You Shop Matters’

Press releases   •   Nov 05, 2019 11:53 GMT

• Festive campaign encourages the nation to support their high streets and shop locally this Christmas • The TV advert features real independent shopkeepers singing Queen’s Somebody to Love • Visa launches a nationwide competition inviting British high streets – and their independent shopkeepers – to recreate its Christmas advert and show why ‘Where You Shop Matters’

Contacts 1 contact

  • Press Contact
  • eumxroukpeoyankmmecrdipka@wvvicssahb.cwiomjx
  • 0207 795 5336

About Visa UK

About Visa Europe

Visa Europe is a payments technology business owned and operated by member banks and other payment service providers from 38 countries.

Visa Europe is at the heart of the payments ecosystem providing the services and infrastructure to enable millions of European consumers, businesses and governments to make electronic payments. Its members are responsible for issuing cards, signing up retailers and deciding cardholder and retailer fees. Visa Europe is also the largest transaction processor in Europe, responsible for processing more than 18 billion transactions annually.

There are more than 500m Visa cards in Europe, while €1 in every €6 spent in Europe is on a Visa card. Total expenditure on Visa cards exceeds €2 trillion annually, with €1.5 trillion spent at point-of-sale.

Visa Europe is an independent business with an exclusive, irrevocable and perpetual licence to use the Visa brand in Europe. Visa Europe works in partnership with Visa Inc. to enable global Visa payments in more than 200 countries and territories.

For more information, visit www.visaeurope.com and @VisaEuropeNews