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Irish have E78.2m cash in their wallets

Tuesday, August 07 12:09:37

Irish consumers carry E78.2 million in cash in their wallets everyday according to new research conducted by Visa Europe.

On average a typical consumer carries E23 in cash on a daily basis and consumers in Ireland continue to be the highest users of ATM cash (on a per capita basis) with an annual figure of more than double the EU average.

According to Visa Europe's research, the Irish population currently spends 11.2 million minutes queuing in shops on a daily basis.

The top three most common places to queue are convenience stores, petrol stations and fast food outlets.

The research was conducted as part of Visa Europe's rollout of contactless payment technology in Ireland. When asked about the benefits of contactless technology, almost half of respondents (45pc) ranked the main benefit of contactless technology as quicker transaction speeds. 37pc highlighted the convenience of not having to take cash out of an ATM to make a payment. 18pc said that the main benefit of the new technology would be not having to spend time looking for cash when making a purchase.

Retailers who have begun to install contactless technology in Ireland include Centra, Spar, Eurospar and Mace.

In the United Kingdom a number of major retailers such as McDonalds, Pret a Manger and WH Smith have already adopted contactless technology. Since the introduction of contactless payments, McDonald's has benefited from faster transaction times, greater customer satisfaction, enhanced security and reduced cash handling costs.

Commenting on the research, Conor Langford, Vice President Ireland, Visa Europe, said, "Contactless technology changes the way people pay for everyday items, whether it's a cup of coffee and the newspaper in the morning or a sandwich at lunch. Instead of fumbling for change at the till people will simply be able to wave their card over the terminal and pay instantly."