Contactless payment usage in Ireland doubles since increase to €30 payment threshold
Topaz becomes one of the top ten Visa debit contactless retailers in Ireland as usage rates quadruple in petrol stations
Print17 May 2016
The increase in the contactless card payment limit in October 2015 has had a transformative effect on consumer spending habits with Visa debit cards in Ireland, according to new analysis from Visa Europe.
The limit was increased from €15 to €30 on 31 October 2015 and has generated significant growth in contactless payments overall, with the number of weekly transactions with Visa debit cards doubling from over 600,000 to 1,300,000 in the space of six months up to the end of March. As a result, two contactless transactions with a Visa debit card are now made every second in Ireland, with usage rates continuing to rise.
In fact the number of transactions between €15.01 and €30 with Visa debit cards has grown sixteen-fold since the introduction of the new payment threshold, which broadens the spectrum of goods that can be purchased with the technology, such as a small basket of shopping in a supermarket.
With benefits such as faster transaction times and enhanced security for consumers and reduced cash handling costs for retailers, more retailers continue to adopt contactless payments. Those signed up already include Topaz, McDonalds, Insomnia, Arnotts, Boots, Centra, Marks and Spencer, Spar, Eurospar, Mace, H&M, Burger King, KC Peaches, O’Briens Sandwich Bars and Munchies.
The shift in consumer payment behaviour has most clearly been felt in three categories, where the ability to tap and go has accelerated rapidly. The usage rate in petrol stations has quadrupled thanks to low fuel costs with drivers able to buy enough petrol to drive from Dublin to Cork with a single Visa debit contactless transaction. Usage has also quadrupled in convenience stores and more than doubled in bars and nightclubs.
In fact, the increase in the payment threshold has enabled Topaz to become one of the top ten contactless retailers in Ireland.
In order to further promote the benefits of contactless payments in Ireland, Visa Europe is running an advertising campaign to encourage consumers to use the technology in their everyday lives.
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