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CONSUMERS MADE MORE than two million contactless payments per day in May worth more than €1 billion, new figures have revealed.
The statistics, released today by the Banking and Payments Federation Ireland (BPFI), show that Irish users broke the highest daily level since monitoring began in 2016.
Brian Hayes, Chief Executive of the BPFI, suggested the increased spend across the economy could be due to an easing of Covid-19 restrictions.
“In May we saw a total of 67.2 million contactless payments made over the course of the month worth over €1,078 million. At 2.2 million payments per day this is the highest daily level recorded since BPFI began gathering this data in 2016,” he said.
“The figures also show a jump of 73% in the monthly volumes of contactless payments year on year with the value of rising by 82% to almost €1.1 billion during the same period.
“Additionally the average payment value exceeded €16 for only the second time since the data series began at €16.04.
“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.
“This is supported by daily data from the Central Bank of Ireland which indicates that in-store card spending grew strongly in May,” Hayes added.
Statistics released in April by 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.
There has been a steady increase month-on-month since figures were first released for last year.
Figures released in January showed that Irish consumers spent one billion euro using contactless payments in Ireland over the Christmas period in December.
An average of €36.5 million was spent via contactless payments in Ireland every day during December, when 2.1 million people per day used contactless payments – overtaking the previous peak of 2.01 million people per day in September.
Many people switched to using contactless payments last year or increased how often they use them as a result of the Covid-19 pandemic.
At the beginning of the pandemic, the government raised the maximum amount that a person could spend via a contactless payment from €30 to €50.
The volume and value of contactless payments in the last quarter of 2020 rose by 23.7% compared with the three months previously, and 63.4% year-on-year to €2.8 billion.
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I didn’t do my homework because my Granny died.
@John Smith: hahaha I was literally just gonna write something very similar. Classic school homework excuse territory here
@John Smith: classic.
@John Smith: The queen made me do it, ffs take responsibility.
@John Smith: more like, I didn’t do my homework because someone else’s granny died. Someone I’ve never met cause me to crash the countries economy
Good man blame the dead, how low.
Kwami-Kwazi Kwashed the United Kwingdom because he felt kwushed by the Kween’s Death…
Seriously!?!? If this is true that actually makes it worse. It means that not only was it not thought through it was based on an emotional response. He and Truss almost ruined the British economy based on a snap decision not based on economic logic. This is crazy that he somehow thinks that makes it OK. The man really seems to be on the spectrum from what I’ve seen of him. Not that that’s a bad thing but not great when you are in charge of a countries finances.
Is he for real?
No comeback blaming a dead woman!
Queen’s passing is very fresh in the UK’s electorates mines… It’s a aparticularly bad idea to mention her death and his stupid mistake in the one sentence. Cant seeing him being in the job past halloween.
Ah yeah, blame poor Liz. Honestly the excuses are getting more ridiculous. None of them have a clue what they’re at
Glad he’s holding firm on the benefits. Working has to outweigh claiming the scratcher.
@Danny Gibson: what, like kwatengs work?
@Danny Gibson: Benefits? Hardly means you should start squeezing the poor because you’ve just discovered benefitting the rich isn’t working. Besides, some of the poor have jobs – it just doesn’t pay the bills any more, and not all the rich work do they, some are just lazing about letting the old dosh do the work for them. So what’s fair? The answer’s not always straightforward.
He is absolutely shameless. It must be something they learn at Eton. Arrogant posh boys blame everyone but themselves.
Just as well she didn’t arise after 3 days…could have cost him his head.
@Donal Desmond: Well at least he didn’t deny that he knew her before the rooster crowed.
@Mick Tobin: The thirty pieces of silver would have gone to the rich. It would eventually trickle down to the remaining eleven.
What a t__t
Pathetic
As thick as two short planks.
Almost makes you pine for Boris, Dorries and Patel…..
@Insider at RTE: almost though Patel was particularly toxic on many levels.
Big boys made me do it.
Will they ever stop telling lies…
And the bankers need extra bonuses
have your say