Minister of State Browne and Minister O’Gorman welcome new Guide to Opening Bank Accounts for international protection applicants and people with status
Almost €10 billion worth of contactless payments made over the past year
A total of €9.745 billion was spent via contactless payments from March 2020 to March 2021. By Tadgh McNally Saturday 8 May 2021, 12:30 PM 2 hours ago 3,429 Views 16 Comments
Stock image
Image: Shutterstock/YAKOBCHUK VIACHESLAV
THERE HAS BEEN a massive increase in the use of contactless payments over the last year, according to the Banking and Payments Federation Ireland (BPFI).
A total of €9.745 billion was spent via contactless payments from March 2020 to March 2021, with a total of 672 million transactions across that period.
In March 2021, there was €948 million worth of contactless payments recorded in Ireland, an increase of 72% on the previous March.
First-time buyer blues as new homes unaffordable rte.ie - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rte.ie Daily Mail and Mail on Sunday newspapers.
Card payments are up 72%. By Céimin Burke Saturday 8 May 2021, 10:06 AM May 8th 2021, 10:06 AM 68,174 Views 107 Comments
Image: Shutterstock/Yulia Grigoryeva
Image: Shutterstock/Yulia Grigoryeva
NEW STATS RELEASED by the Banking & Payments Federation Ireland show that over €948 million worth of contactless payments were made during March 2021.
This represents an increase of 72% on the same time last year and the federation says it “very clearly” demonstrates the shift which has taken place from cash to digital payments.
“The pandemic has undoubtedly played a considerable role in driving this change in consumer behaviour, something we expect to continue as the country begins to open back up again,” the federation’s chief executive, Brian Hayes, said.
coronavirus 2 hours ago
The moves could eventually leave just three banks in the Irish market the two major players in Bank of Ireland and AIB, and Permanent TSB sounding alarm bells about the state of banking competition in the country.
All the while, fintech (financial technology) upstarts well-heeled with venture capital funding, like Revolut and N26, have gathered pace in the market. Revolut boasts around 1.3 million users in Ireland, while N26 has around 200,000 users.
Adrienne Gormley, the chief operating officer at Germany s N26, which is a fully regulated bank itself, is cognizant of the drastically altered market. Number one we view it as an opportunity. While the Ulster Bank news was probably on the cards for some time, I think people were taken by surprise at the KBC announcement, she told CNBC.