Contactless payments are surging in popularity as Irish consumers are making more than three million contactless payments with Visa debit cards every week, according to research released today.
Usage has almost tripled since the end of March 2016 with weekly transactions jumping from 1.3 million contactless payments per week to just over 3 million payments at the end of last year. As a result, five contactless transactions are made with Visa cards every second in Ireland.
According to Visa, the spike in usage is driven by both the increase in the payment threshold from €15 to €30 as well as wider adoption of contactless payment terminals by retailers. While consumers benefit from faster and easier checkout, merchants also benefit from shorter queues and reduced costs associated with handling cash Visa claim.
Visa’s recent 2016 Digital Payment study revealed that over 80% of people (age 18-24) in Ireland already use their mobile device to monitor their money or make payments.
The news comes as the Irish Cancer Society gets set to introduce contactless donations on its 30th annual Daffodil Day, taking place tomorrow (March 24th). The move makes Daffodil Day the first national ‘flag day’ collection in Ireland to provide the service to donors. The ‘Tap to Give’ contactless donation devices will offer the public a quick and hassle-free way to donate, even if they have no change in their pockets.
The devices will be available to use at St. Stephen’s Green Shopping Centre and Frascati Shopping Centre in Blackrock, Dublin, as well as Merchant’s Quay Shopping Centre in Cork and Arthur’s Quay Shopping Centre in Limerick. All money raised will go towards funding the Society’s free cancer services and vital research.
Commenting on the new milestone, Country Manager at Visa Ireland, Philip Konopik said, "Visa is always looking to launch new and innovative ways to pay, reflective of how consumer habits are evolving. We are delighted to help support the Irish Cancer Society with Daffodil Day by enabling donations with a Visa contactless debit card or by smartphone, which would have potentially been missed out on before."
He added, "The latest contactless statistics highlight that consumers are increasingly looking to touch and pay, so it’s great that they are able to donate to such a good cause as easily as paying for a cup of coffee."
Source: www.businessworld.ie
