Visa Europe today announced that annual expenditure on Irish Visa cards has reached a new record of €28.4 billion, an increase of 32%. As a result €1 in every €3 of Irish consumer spending is now on a Visa card. The milestone was reached as Visa Europe announced its annual results for the year ending 30th September 2014 today.
The record expenditure reflects the continued shift by Irish consumers from cash and cheques to electronic payments.
The total number of transactions on Irish Visa cards – Debit, Credit and Prepaid – increased by approximately 39% over the twelve month period to 503 million transactions. The average transaction value was €56.40, a 4.95% decrease.
E-commerce spending with Irish Visa cards over the twelve month period rose to almost €5.6 billion, a 30% increase on the corresponding period. As a result, approximately 20% of spending with Visa cards is done online. The data also shows that Irish Visa cardholders spend €3,867,044 online every minute on an average day, reflecting the rising popularity of online shopping.