Contactless payments increased by €1.9bn on last year

Contactless spending hit a new high of almost €1.9 billion in Q2 (April-June) 2020.

That equates to more than €63 million worth of contactless payments per day during that period

The latest figures from the Banking & Payments Federation Ireland (BPFI) show that the value of contactless payment this quarter are 26.6% higher than in Q2 2019.

Spending grew despite volumes dipping to 123 million, the lowest level since Q1 2019, and 1 per cent lower than a year earlier.

Consumers increased their use of contactless payments as cash usage fell and with the contactless limit increasing to €50 during April in response to the COVID-19 crisis.

Daily contactless spend reached a new monthly high of €27.7 million in June, having dropped as low as €15.7 million in April.

The graph below shows the rise and fall of contactless payments over the past few years.

Speaking about the latest figures, Brian Hayes, BPFI chief executive said:

“Now more than ever consumers want fast, simple and secure payments and this is reflected in today’s figures which show strong Q2 growth in the value of contactless payments.

"It is likely this growth is in part a result of the increase in the contactless limit to €50, a significant undertaking at the time by BPFI members who worked hard deliver this in collaboration with a number of parties.

“The increase in contactless payments reflects a wider recovery in the economy, and in the retail and hospitality sectors in particular. We would expect contactless payments to continue to grow in the months ahead in line with consumer spending.”