Bank of Ireland contactless payments rise more than 140% in year

The number of contactless payments made by Bank of Ireland customers increased by more than 140 per cent year on year in February as customers embraced this new method of paying for purchases below €30.

Figures provided to The Irish Times show the bank conducted 4.25 million contactless transactions in the month, up from 1.7 million a year earlier.

The biggest users of contactless were 30- to 39-year-olds, with Dublin accounting for 43 per cent of the volume of payments.

There has also been strong growth in contactless usage among Bank of Ireland’s corporate customers with growth of 170 per cent year on year in the number of such transactions on business debit cards.

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Bank of Ireland’s data shows that 15- to 19-year-olds have also embraced contactless with the number of customers increasing by 290 per cent. And this generation have increased the amounts they are spending via contactless by 406 per cent.

The bank said 78 per cent of customers using contactless were registered for its 365 Online service.

Cheque usage

The increased reliance on online payments has impacted on cheque usage, which declined by 27 per cent in February compared with a year earlier.

Bank of Ireland first launched a contactless-enabled Visa debit card about five years ago, allowing consumers to pay for purchases of €15 and under by holding a card over a reader using so-called near-field technology.

The limit has since been doubled, increasing consumer appetite for the service.

Commenting on the figures, John O’Beirne, director of products at Bank of Ireland said: “Our latest figures demonstrate that customers are increasingly favouring what is seen as the most efficient method of payment for items below €30. The rate of contactless usage is increasing and we can expect the figures to continue to increase across all demographics in the coming months.

“Businesses have also hugely benefited from increased contactless activity as they can process more transactions, benefit from reduced cash handling costs and are at a lesser chance for exposure to theft.”