Over three quarters (76%) of Irish consumers use contactless payments on a weekly basis, research shows.
The COVID-19 pandemic is fast-tracking the shift from cash to digital payments, according to the latest payments research published today by Banking & Payments Federation Ireland (BPFI).
"Our latest payments research which was conducted at the end of April during the lockdown period shows that the current pandemic is undoubtedly fuelling a change in consumers behaviour toward digital payments and online banking and away from branches,” said Brian Hayes, chief executive, BPFI.
Smart Phone Payments
According to BPFI, payments through smartphones are a fast-growing feature of shopping in Ireland particularly among 18-24 year olds who are the biggest adopters of this technology.
"A total of 43% of consumers are using their smartphones in shops at least weekly, while 44% of consumers are making payments via online/mobile banking with the same frequency," Hayes said.
"And while in the current environment some of this behaviour is being driven by hygiene concerns in terms of using contactless, and by necessity in terms of paying online, it ultimately means that we can expect an acceleration in the rate of adoption of these technologies as we move into a post-COVID landscape,” he added.
© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.
