BPFI figures point towards contactless payments soaring

The latest figures from Banking & Payments Federation Ireland (BPFI) show that the value of contactless payments reached a new high of almost €1.9 billion in Q2 2020, some 26.6 % higher than in Q2 2019.

Spending grew despite volumes dipping to 123 million, the lowest level since Q1 2019, and 1% lower than a year earlier.

Consumers increased their use of contactless payments as cash usage fell and with the contactless limit increasing to €50 during April.

This is in response to the COVID-19 crisis, with the average payment value jumped from €12.51 in March to €15.57 in June.

BPFI figures point towards contactless payments soaring

Daily contactless spend reached a new monthly high of €27.7 million in June, having dropped as low as €15.7 million in April.

The value of contactless payments reached a new high of almost €1.9 billion Q2 2020 even as volumes
dipped to 123million, the lowest level since Q1 2019.

Speaking on the latest figures, Brian Hayes, BPFI Chief Executive said:

“Now more than ever consumers want fast, simple, and secure payments and this is reflected in today’s figures which show strong Q2 growth in the value of contactless payments.

It is likely this growth is in part a result of the increase in the contactless limit to €50, a significant undertaking at the time by BPFI members who worked hard to deliver this in collaboration with a number of parties.

The increase in contactless payments reflects a wider recovery in the economy post-COVID-19, and in the retail and hospitality sectors in particular.

We would expect contactless payments to continue to grow in the months ahead in line with consumer spending.”

Banking & Payments Federation Ireland (BPFI) is the voice of banking and payments in Ireland.

Representing domestic and international member institutions, BPFI mobilise the sector’s collective resources and insights to deliver value and benefit to members across the country

This enables them to build competitive sustainable businesses that work to support customers, the economy, and society.

Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has some 100 member institutions and associates.

This includes licensed domestic and foreign banks and institutions operating in the financial marketplace here.

For more information visit: https://www.bpfi.ie/

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