Contactless payments in Ireland have seen a significant increase in popularity, according to new figures released by the Banking & Payments Federation Ireland (BPFI). The data shows an 18% jump in contactless payments in the first quarter of this year. Irish consumers now carry out an average of €51 million in contactless payments every day, with the average payment value reaching €17.05, up from €16.40 the previous year. This surge in contactless payments has resulted in a total of 268.7 million transactions in the first three months of 2023, equating to three million payments per day.
In addition to contactless payments, online and mobile banking transactions have also experienced growth, with a 6.2% increase year on year to 36.4 million payments in the first quarter. Ireland currently boasts the fourth highest internet banking penetration in the European Union, trailing behind Finland, Denmark, and the Netherlands.
Gillian Byrne, head of Payments at the BPFI, highlighted the continued shift towards contactless payments among consumers. She stated, “The report shows the continued shift by consumers towards contactless payments with volumes surging by nearly 18% in Q1 2023. At the same time, we also saw the value of these payments increasing by 22% to almost €4.6 billion, or €51 million per day. Interestingly, we can also see that the growth in contactless payments continued to outpace total card payment growth, which rose by 10.6% year on year to 463.4 million, according to the Central Bank of Ireland.”
Byrne also emphasized the prevalence of digital banking among Irish consumers, as evidenced by the high usage of internet banking. “With the data also showing that 86.3% of people aged 16 or over saying they used internet banking, this again highlights consumers’ continued preference for digital banking,” she said.
These figures indicate a clear trend towards contactless and digital payment methods in Ireland. The convenience and speed of contactless payments, coupled with the ease of online and mobile banking, have made these options increasingly popular among consumers. As technology continues to advance, it is likely that we will see further growth in these areas, with traditional payment methods gradually becoming less prevalent.
