Banking & Payments Federation Ireland (BPFI) Payments Monitor has revealed that contactless payments surged 66% year-on-year rise to 158 million in the first half of 2018.
Overall card, payments recorded a significant growth, driven by contactless payments and digital banking. Total contactless payments in the first half of 2018 value at €1.9bn ($2.2bn).
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Ireland contactless payments on the rise
On average, debit cardholders spent more than €421 per card during the period. Furthermore, credit card customers spent nearly €89.
The increase in card payments was accompanied by strong cash demand. ATM withdrawals on debit cards grew by 0.7% to €9.4bn. According to ECB, cardholders in Ireland made the third highest ATM cash withdrawals in the EU in 2017.
BPFI head of Digital & Payments Strategy Richard Walsh said: “Payment card usage has exploded in recent years thanks mainly to the rollout of contactless payment cards and smartphone-based mobile wallets.
“This is clearly demonstrated when you consider that contactless payments accounted for 63 million of the 83 million additional card payments in the first half of this year. This is is considerable.”
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By GlobalDataDigital banking transaction volumes in the country also recorded an 18.4% surge to 46.8 million in the first half of 2018. The CSO figures showed that internet banking usage was highest among customers aged 30-44 years (83%) and in the midlands (81%).
