AIB ‘contactless’ payments pass 1m a month mark

The number of “contactless” payments made by AIB customers have passed the 1m a month mark — as the bank confirms the debit card spending limit will rise to €30 from the end of October.

Contactless cards allow banks customers to pay for goods simply by holding a card in front of a terminal, without the need to enter a PIN.

The cards use the same industry-standard secure encryption technology as chip and PIN. Users are asked for a PIN occasionally as a security feature to verify they are the genuine card holder.

The convenience and ease of use of the payment method has seen a marked rise in contactless transactions by customers in cafes, supermarkets, and convenience stores.

Payments made by AIB customers rose over 200% in the last year.

The bank also confirmed an introductory offer of waiving transaction fees for contactless transactions will continue until August 2016.

Since June, contactless cards are being used by AIB customers for more than 1m transactions per month.

From October 31, the current spending limit of €15 per transaction will increase to €30.

The move towards contactless payments is aligned to the Government’s National Payments Plan to help towards reducing cash and paper-based transactions and promoting electronic transactions.

There have been more than 10m contactless payments in Ireland since the system was introduced back in 2011.

Between Bank of Ireland and AIB, there are around 2m contactless payment cards currently in circulation in the country.

Over 50% of AIB’s customers are now active online and choosing to do their banking on the web, while 49% of loan approvals were completed online in the first half of the year.

AIB now has well over half a million active mobile banking users, with mobile now the most visited banking channel by the bank’s customers.

On a sample day, 278,000 daily mobile banking logins were registered, compared with 237,000 daily online banking logins.

AIB’s head of channel adoption, retail and business banking, Mark Culleton, said customers increasingly want to be able to do their banking on their phones, without having to visit their branch.

“Our customers are telling us they want the ability to do more banking on their phones.

“With that in mind, our next generation mobile banking app was designed with new exciting features such as a simplified login process, quick balance feature, and the ability to apply for a personal loan and obtain a decision within three hours,’’ he said.


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