Irish consumers use contactless and digital payments more than cash
Digital and contactless payments have grown in popularity among Irish consumers.
According to a study commissioned by One4all, 50% of Irish adults use digital banking or contactless payments more often than they use cash. Two-thirds (65%) make digital payments multiple times a week, it found. A quarter of the survey’s 1,000 participants use their mobiles to make contactless payments.
Conducted by Coyne Research, the study was undertaken to provide insight into current trends in the retail sector and to get a better understanding of changing attitudes towards spending in Ireland.
It suggested that the decline in people using cash to buy goods will only continue as 43% of participants believe that cash is “on the way out.” Increasingly, mobile and digital has become the method of choice.
While the average Irish adult carries €32 in cash, one in 10 respondents said they never carry money. In line with this, 67% of millennials (aged 18-37) expect retailers to accept contactless payments and 58% of all Irish adults believe that contactless or digital payments are more convenient than using cash.
Michael Dawson, CEO, One4all said: “This research provides us and our retail partners with a great insight into Irish consumers changing attitude towards spending and how they are now using contactless and digital payments more than ever before.
“Almost a quarter of Irish adults are now using the contactless function on their mobile phone to pay for products and services, which is a trend that we believe will continue to grow in popularity with consumers.”