Survey finds almost half of consumers avoid shops that do NOT accept card payment
A new survey has found that 43% of Irish consumers will avoid shops that do not accept card payments.
The study of 1,000 adults conducted by Amarach Research found that almost three-quarters of card holders here use contactless payments, with "millennials" (25 to 34 year olds) being the most prolific users on 81%.
BOI commissioned the survey which says that 53% of people still prefer to shop in person, but it is warning stores risk losing business if they do not provide card payment options.
Brian Cleary, Managing Director of BOI Payment Acceptance (BOIPA), said: "Despite the relative newness of the technology, contactless payment has already made a significant impact on consumer spending habits.
"When we conducted a similar survey in 2016, 54% used contactless and 45% used it at least once a week - in just over a year, those numbers have increased significantly, to 73% and 66% respectively.
"Nearly half of those surveyed have at one stage intentionally avoided a shop that didn’t offer card or contactless payment facilities."
Mr Cleary went on to warn businesses that they risk "a sizeable loss of business" unless they adopt contactless technology.
He said: "The research suggests that business owners that are unable to sell their product online may be inadvertently pushing their customers into the arms of their competitors.
"The survey also shows that Irish consumers are willing to experiment with and adapt to other new payment technologies, specifically mobile payment through services like Apple Pay and Android Pay. Of the small number of people who have tried mobile payment, most prefer it to paying with their card.
"This is heightened amongst millennials aged between 25 and 34, so this is obviously a clear window into the future."
