The BPFI said today the jump in contactless payments is a result of a higher transaction limit of €50.
OVER €25 MILLION in contactless payments was spent per day in February highlighting an ongoing shift from cash to digital during Covid-19.
Figures released today by Banking & Payments Federation Ireland (BPFI) show that 1.6 million payments were made per day in February totalling €733 million for the whole month.
The BPFI said a jump in contactless payments is a result of a higher transaction limit of €50. The average payment value rose from €11.92 in February 2020 to €15.88 in February this year.
The Federation estimates that contactless payments accounted for one-third of the value of payments at the point of sale or in-store during February.
“The increases we have seen both in terms of the daily and monthly trends in the year to February once again highlights the popularity and growth in contactless payments particularly when you consider that the country has been in the midst of a level 5 lockdown this February compared to a year ago when we were still living free of Covid restrictions of any sort,” BPFI CEO Brian Hayes said today.
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“This underlines the ongoing shift from cash to digital and the fundamental change in people’s behaviour which will undoubtedly continue beyond the current pandemic.”