Irish shoppers, like those across Europe, are flocking to new payment options using contactless credit cards and mobile payments in ever increasing numbers, forgoing cash for speed and convenience.
Over three-quarters (78%) of Irish shoppers are using mobile payment options such as a smartphone, tablet or wearable device when shopping, the eighth highest use in Europe according to Visa’s 2016 Digital Payments Study. Of all transactions, one in five face-to-face transactions are already contactless.
The added convenience is fuelling an uptake in digital wallet usage across a variety of purchasing methods. Irish consumers are interested in using digital wallets to make purchases face-to-face (40%), through apps (58%), as well as online (64%). Consumers agreed that greater convenience (63%) and the ability to pay anytime, anywhere (60%), were the primary benefits.
Today Ireland’s consumers are working mobile payments into their everyday lives using it to pay bills (48%), buy a take-away meal (40%) or pay for bus or train tickets (43%).
The advantage of contactless cards, mobile payment options and other new payment methods are they are faster and more convenient with Visa predicting that by 2020 half of all Irish transactions will be made from a mobile device.
Young shoppers are the most prolific users of mobile and contactless payment options with over 80% (aged 18-24) in Ireland already using their mobile device to monitor their money or make payments, but there has been strong growth in usage in older age groups. Across Europe the greatest increase was within the 55-64 age bracket, which has witnessed 64% growth since 2015.
The launch this month of Android Pay for Visa debit and personal credit cardholders from AIB will only see contactless and mobile payment use grow rapidly with more financial institutions sure to follow.
“European consumers’ increased familiarity with contactless cards is gradually normalising the use of mobile wallets and other digital payments,” said Philip Konopik, Country Manager at Visa Ireland. “This Christmas will see a host of different methods used to pay for the gifts under the tree, celebratory drinks with friends, and even the Christmas turkey.”
“Consumers are now armed with a variety of new ways to pay – such as wearables and a range of digital wallet options on their mobile devices. These options provide consumers shopping in store with a number of fast, easy and secure ways to buy. “Retailer success this Christmas will hinge on their ability to give consumers access to their preferred payment method.”