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Poll: Do you carry cash?

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.

Big Bank Exits and Fintech Upstarts: Ireland s Banking Landscape Is Undergoing Drastic Change

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.

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