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AIB reveals increase in contactless payment methods use in Ireland

Tuesday 28 April 2020 15:42 CET | News

Ireland-based AIB has revealed how COVID-19 is impacting the behaviour of Irish consumers, as they shift more towards using contactless payments for goods and services.

The data shows a shift across all demographics towards spending more using contactless payments since the spending limit was increased to EUR 50 in the beginning of April 2020. According to the press release, the information – which has been compiled from over one million debit card transactions between 1 and 12 April 2020 and has been anonymised and aggregated – revealed that Irish consumers are spending more using digital wallets as they look to avoid unnecessary interactions in stores.

When broken down demographically, the data reveals that since 1 April 2020 digital wallet (Apple Pay and Google Pay) spend accounts for 37% of all in-store transactions by those who are under 25, with the average amount spent in-store by individuals in this age group also up 24% and 35% for Apple Pay and Google Pay respectively. Moreover, the average amount per transaction being spent by those between the age of 25 and 34 is up 41% among Apple Pay users and 45% among Google Pay users. However, digital wallet transactions only account for 7% of the total in-store spend by this age group.

Meanwhile, customers over the age of 45 are spending 31% more using their digital wallets, while contactless payment via a debit card is the most popular choice for in-store payments among all age groups, except those under 25, where it accounts for 28% of spend.

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Keywords: AIB, Ireland, contactless payments, digital wallets, Apple Pay, Google Pay, mobile payments, COVID-19
Categories: Payments & Commerce
Companies:
Countries: Ireland
This article is part of category

Payments & Commerce