Rising use of contactless not having negative effect on cash withdrawals

Rising use of contactless not having negative effect on cash withdrawals

The rising popularity of contactless payments is not having a negative effect on cash withdrawals.

Consumers in Ireland spent around €4.4billion in contactless payments last year with approximately €1.1 million payments made each day.

Meanwhile, the average amount withdrawn from ATM's rose significantly to €133.

Richard Walsh from the Banking and Payments Federation Ireland explains what is driving the growth of contactless payments:

"There's now wide availability of contactless cards, so most bank issued cards now have contact capability, and then a very wide acceptance network.

"I think people are becoming more comfortable with the use and convenience and how it works and now we are seeing quite a few people who are actually no longer taking cash with them. They just use contactless cards for their day-to-day spend."

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