Irish Visa Cardholders Spend on average €3,867,044 online Every Minute

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 30^th 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.