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Meanwhile, the average amount withdrawn from ATM's rose significantly to €133.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

More on this topic

Nearly €900m of SME bank loans judged vulnerable to downturn

Clydesdale and Yorkshire Banking Group ups UK banking ante

Deutsche Bank planning €50bn ‘bad bank’ overhaul

Boxed-In Fed Facing A Difficult Balancing Act

More in this Section

Number of people working in Ireland up over 20% since end of recession

'Heartbreaking for the workforce' - Kerry Foods closes UK factory with loss of 900 jobs

Top chefs to host 120 guests in a bid to inspire young people into food industry

UK utility company to pay out record €141m after ‘shocking’ Ofwat probe


Hozier adds more believers to his church after Cork gig

Simply off the wall: Your go-to guide to shelving

Peter Dowdall shares his top 4 flower picks to add a splash of summer colour to your garden

Ask a counsellor: ‘Why does my husband hate that our daughter’s dating a man going through divorce?’

More From The Irish Examiner