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Contactless payment now made every second in Ireland

Written by Kieran Flynn, on 19th Oct 2015. Posted in Economy

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Irish consumers are now making over two million contactless transactions with Visa Debit cards every month.  As a result there is a contactless payment made every second in Ireland.

Consumers are increasingly opting to make contactless payments for everyday items - due to faster transaction times and the convenience of not having to take cash out of an ATM for purchases. 

Contactless payments are widely embraced by millions of Visa cardholders across the continent every day. Adoption and usage of contactless cards in Europe continues to grow, most recently marked by more than one billion transactions across Europe in the last 12 months.  

Irish Visa cardholders made contactless transactions in 70 foreign destinations, while tourists from 54 countries made a contactless payment using their Visa card in Ireland. 

As referenced by Minister Noonan during his Budget speech last week, Visa Europe has confirmed it is increasing the threshold for contactless payments from €15 to €30 from 31st October.  Over the coming weeks and months, retailers will begin to change the limit in store as the new payment limit is rolled out.  Retailers will benefit from the move as it will help to cut queue times, while also enhancing security and reducing cash handling costs.

 The new threshold is expected to increase the appeal of contactless payments to consumers and retailers alike, as it will open up a new range of opportunities to use the technology. The average Visa contactless purchase value made is €7.92.

Conor Langford, Country Manager Ireland, Visa Europe, said: “Contactless payments continue to go from strength to strength in Ireland as consumers see them as the fast, easy and secure way to pay."

€1 in every €3 of consumer spending in Ireland is now on a Visa card – Debit, Credit or Prepaid.

Source: www.businessworld.ie

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