Contactless payments up 72% on 2020

Contactless payments up 72% on 2020

Contactless payment transactions increased by 72% rising to €948m in March. 

THE latest contactless payments figures published by Banking and Payments Federation Ireland (BPFI) show that more than €948 million worth of contactless payments were made during March 2021, an increase of 72% on the same time last year.

Highlighting the main trends, Brian Hayes, Chief Executive, BPFI, said: “The phenomenal growth we are seeing in contactless payments, particularly over the last 12 months, is once against evident in today’s figures. 

"During the course of March over €948 million worth of contactless payments were made, up 72% on the same time last year. This comes at a time when the country was in level 5 lockdown which further spotlights the jump we have seen. On a day-to-day basis, 1.9 million contactless payments to the value of €30.6 million were made per day in March 2021 with the value of payments jumping from €17.8 million a year earlier.

Additionally, the figures show that payments in stores or at other physical terminals accounted for almost half (48%) of card spend in March and furthermore contactless payments accounted for 35.7% of these point of-sale payments – the highest share since the monthly data became available in January 2020.

The increases we have seen over the last year in the use of contactless payments very clearly demonstrate the shift which has taken place from cash to digital payments. The pandemic has undoubtedly played a considerable role in driving this change in consumer behaviour, something we expect to continue as the country begins to open back up again.”

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