Visa Europe said it expects to process around 27 million transactions across Europe worth €1.4 billion on December 23, nearly 10% more than a year earlier.

The busiest time is expected to be on December 24 from 11:00 to 12:00 when the payment system is predicted to process up to 850 transactions per second, from 731 in 2008.

The first two weeks of December saw 10% increase from the same period of last year, while 56% of the holiday spending taking place on Visa debit cards.

“Statistics show people still spend heavily before Christmas. Online sales show record numbers and we expect commercial centers to increase revenues considerably now”, said Steve Perry, Commercial Director at Visa Europe.

Visa Europe said earlier this month that Monday November 30 would be the busiest ever day for online shopping in Europe and over 4.5 million transactions worth €318 million.

Visa’s forecast are based on the transaction volumes recorded so far in the previous years and payment behavior before Christmas.

Every €9 spend in Europe, €1 takes place on Visa cards, with almost 321 million debit, credit and business Visa cards.