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More Than Half Of Card Owners Pay With Contactless

Published on Jul 19 2016 10:30 AM in Technology tagged: bank of ireland / hospitality / Card Payments / Credit Card

More Than Half Of Card Owners Pay With Contactless

A new survey by BOI Payment Acceptance has revealed that 54% of debit and credit card owners use contactless when paying for goods and services.

The survey, conducted by Amárach Research among 1,000 customers on behalf of BOIPA, was designed to establish consumer trends when paying for everyday items.

It found that the top five items Irish shoppers pay for using contactless payments are: food and groceries (75%); fuel (23%); alcohol (21%); clothes and shoes (21%) and newspapers and magazines (17%).

The research also found that the average contactless payment is €11.33, however, 42% of respondents would still like to see the current €30 limit on such payments increased – while 45% couldn’t identify the current limit at all.

It also revealed that the biggest perceived advantage of using contactless payment is that it saves time, with 58% saying it was ‘quick’. Other advantages listed include ‘safety’, ‘lower bank charges’, and ‘the convenience of not having to carry cash or go to an ATM.’

However, even though more and more consumers are using contactless (particularly amongst 25-44 year olds), one in three are still unaware of what the contactless symbol on debit cards represents. In fact, 38% claim not to have contactless payment ability on their cards, and 28% simply never think to use it.

Brian Cleary, General Manager, BOI Payment Acceptance, noted, "Despite almost 40% of those surveyed claiming not to carry a contactless card, in reality approximately 90% of all debit cards in Ireland are now contactless.

"This suggests one of the key steps in growing contactless payments is to raise consumer awareness of the technology and its benefits."

He added that, "Over the next five years we expect to see an accelerated reduction in cash transactions as businesses realise the clear advantages of contactless, namely the ability to process more transactions, benefit from reduced cash handling costs and a lesser exposure to theft and misappropriation of cash."

© 2016 - Checkout Magazine by Jenny Whelan

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