Visa: Sharp increase in contactless payments
Visa Europe have revealed a sharp increase in Contactless payments, and the numbers are set to continue to grow
19 October 2015 | 0
As part of Michael Noonan’s budget 2016, the government outlined plans to encourage the use of visa debit cards rather than cash, which it said would result in numerous benefits for retailers and consumers. It seems that increase has already begun, with Visa Europe announcing that that Irish consumers are now making over two million contactless transactions with Visa Debit cards every month. In other words, a contactless payment is made approximately every second across the country.
This growth in popularity is reflected across the rest of Europe, with more than one billion transactions made in the past twelve months.
As referenced by Minister Noonan during his Budget speech last week, Visa Europe has confirmed it is increasing the threshold for contactless payments from €15 to €30 from 31 October. Over the coming weeks and months, retailers will begin to change the limit in store as the new payment limit is rolled out. Retailers will benefit from the move as it will help to cut queue times, while also enhancing security and reducing cash handling costs.
The new threshold will increase the appeal of contactless payments to consumers and retailers alike, as it will open up a new range of opportunities to use the technology. For example, the new €30 limit will make it possible to pay for an item of clothing or small basket of shopping in a supermarket. The average Visa contactless purchase value made is €7.92.
Conor Langford, country manager Ireland, Visa Europe, said that contactless payments continue to go from strength to strength in Ireland as consumers see them as the fast, easy and secure way to pay. “We’re delighted to move into the next phase of their adoption,” he said, “as we push to make contactless payments ubiquitous. This also forms part of our commitment to the Government’s National Payments plan to help boost the number of electronic payments in Ireland, which will enhance our national competitiveness.”
Visa also said that €1 in every €3 of consumer spending is done via debit card in Ireland.