Contactless payments topped a record €1bn last December
Irish consumers are tapping their payment cards more than ever.
Last December spending using contactless payments topped €1 billion for the first time ever.
In the last three months of last year, contactless payments increased 60% year on year, partly due to the easing of Covid-19 restrictions and also Christmas spending.
People are not only tapping their cards more, but they are also spending more when they do.
The average payment value jumped to €17.36 in December, up from €15.93 in August.
Everyday we are spending more than €36m using contactless payments.
People are using cash less due to concerns over Covid and the tap spend limit was increased from €30 to €50 when the pandemic hit.
The figures compiled by the Banking and Payments Federation show a drop in contactless payments in November, largely as a result of the lockdown which was imposed in late October.
“These figures clearly demonstrate the growing demand for contactless payments, allowing consumers to conduct fast, simple and secure transactions during the current pandemic,” BPFI’s chief executive Brian Hayes said.
“However, in light of the level 5 restrictions introduced during the Christmas period, we will undoubtedly see an impact on contactless transactions and consumer spending in general as we move forward into 2021”.
Mr Hayes said the pandemic has been severely impacting consumer habits.
“We have seen yet another record breaking month for contactless payments in December as consumer behaviour coupled with Covid-19 continue to reshape payment methods.
“As well as seeing the monthly spending value top €1 billion for the first time, we have also seen increases in both the volumes and value of contactless transactions on a daily basis,” he added.