Ireland’s Contactless Payments Revolution
The Banking & Payments Federation of Ireland released its Q2 report this month. The report highlighted the large growth in contactless payments, with “tap” payments hitting 3.8 million a day in Ireland!
The figures show that since January 2020, daily contactless payments have almost tripled, with the average transaction value increasing 30%. This has left the daily value of Irish contactless transactions more than 2.5 times their pre-pandemic levels, at €60m per day.
Both Mastercard & Visa have benefitted from the transition to contactless payments. Both companies reported earnings this week, with Mastercard disclosing that 60% of in person transactions are now contactless, and Visa reported that 76% of in-person transactions outside the US are taps.
Source: The Banking & Payments Federation of Ireland