Internet payments in Europe exceeded 10% of total retail sales volume on the Visa network in the first quarter of 2005, and showed a growth rate of more than 50% over Q1 2004.

Visa Europe state that the internet was the fastest-growing payments channel. By 2010, internet payments could reach 30% of Visa Europe’s volume. Though still lagging well behind the US in total internet volume, Europe is catching up, and is now a net exporter of internet payments,. In 2004, the US accounted for 72% of total Visa e-commerce volumes and the EU for 20% (see chart).

However research carried out for Visa in the UK showed that youth spending on the internet and mobile channels by the 13-24 age group was four times that of adult groups. Yet the majority of the emerging on-line market users are not payment card-enabled. The youth market represents an immediate online and mobile retailers and content providers to turn users and viewers into significant cashflow, but only if these users are empowered with a payment system that enables them to purchase in these mediums.

Bluewire Network, with its unique configurability could provide a range of solutions to this problem, from adult controlled wallets, to a POS loaded eWallet solution incorporating a low KYC credit free debit card, combining therefore a youth banking product and an online payment device.