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Contactless Payments Revolution

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