London, 2nd July 2015: The 2015 FIA Formula E Visa London ePrix marked one of the first major implementations of contactless mobile point-of-sale (mPOS) technology in Europe, allowing visitors to pay for purchases with their Visa card.
As the title sponsor and official payment services partner for the first Formula E Visa London ePrix at Battersea Park on 27 and 28 June, Visa Europe made the eVillage experience faster and easier with the distribution of 60 contactless mPOS solutions to vendors. The event was attended by almost 60,000 visitors, and working with Event Merchandising and Event Live, over 50% of all purchases were made using mPOS technology.
The solution involves connecting a contactless chip & PIN card reader to a smartphone, allowing any merchant to accept contactless card payments. Visitors to the event were thereby able to make purchases ranging from official merchandise to refreshments and souvenirs securely and conveniently, all without the need for cash.
At peak times over the course of the Championship finale weekend, Visa Europe seamlessly enabled over 100 cashless transactions every minute, meaning vendors could complete the sale quickly and easily, and visitors didn’t have to miss a minute of the action.
Mark Austin, Director of Product Development, Visa Europe said: “Visa Europe’s partnership with Formula E is built on a shared passion for innovation, and this weekend’s Visa London ePrix was a perfect showcase for that. Against a backdrop of the world’s first electric car racing series, Visa Europe demonstrated its commitment to driving simpler, smarter and more secure payments by enabling easy card transactions in an environment where cash has so far prevailed.
“We’re at the point where over 50% of European card holders would choose to buy from a business that accepts card payments over one that does not, and this ‘cash last’ philosophy is not just expected when shopping with major retailers or in physical stores.
“Our vision is to enable all merchants to accept card payments, regardless of the size of their business or where they are trading from and this is where mPOS can really make a difference. Merchants who may have thought they were unable to accept card payments, or were reluctant to do so, now have a low cost, portable and easy-to-use option available to them. New developments such as contactless capability, as we have seen this weekend at the Formula E Visa London ePrix, are driving further rewards for businesses and consumers alike.”
Francesca Triossi, Formula E’s Ticketing & Merchandising Manager said: “We had a great working relationship with Visa and Formula E. Having contactless technology was fantastic for everybody, and it made the transactions quicker and easier for the consumer. There was no need to carry cash and it also cut queue time. The operation was simple to set up for all the vendors and we were able to see sales in real time, reacting to consumer demand.”
About Visa Europe
Visa Europe is a payments technology business owned and operated by member banks and other payment service providers from 37 countries across Europe.
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 16 billion transactions annually – at a rate of 1,622 transactions per second at peak times.
There are more than 500 million 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.
Since 2004, Visa Europe has been independent of Visa Inc. and incorporated in the UK, with an exclusive, irrevocable and perpetual licence in Europe. Both companies work in partnership to enable global Visa payments in more than 200 countries and territories.
For more information, visit www.visaeurope.com and@VisaEuropeNews