Number of contactless payments soars in May to 67.2 million

The number of contactless payments soared in May, rising to more than 2.2 million a day and hitting a new record as restrictions on retail were eased.

Figures published by Banking & Payments Federation Ireland (BPFI) show a total of 67.2 million contactless payments were made during the month, with a total value of more than €1 billion.

"At 2.2 million payments per day this is the highest daily level recorded since BPFI began gathering this data in 2016," said Brian Hayes, chief executive of BPFI.

The average payment was €16.04, only the second time it exceeded €16 in the history of the data series.

Stocktake: Survey finds ‘absurd’ investor expectations

---

Struggling to buy a home? Long-term mortgage may suit those who cannot pass income rules

---

Selling shares to avoid capital gains tax after you die is mistaken

---

Tony Ward: ‘I was brought up on the ethic that saving alone led to buying’

---

The volume of payments also increased, rising 73 per cent year on year. That is in comparison to May 2020 when many non-essential retailers were shuttered in a bid to slow the spread of coronavirus in Ireland.

Many retailers have switched to conatctless payments during the pandemic, including services such as Apple Pay and Google Pay.

“The increase we have seen in contactless spending during the course of May likely reflects the easing of Covid-related restrictions on many businesses, including retail and personal services, during this period,” said Mr Hayes, chief executive of BPFI.

" This is supported by daily data from the Central Bank of Ireland which indicates that in-store card spending grew strongly in May."