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Contactless spending reaches record €2.9 billion in Q3 2020

29th October 2020

Over €31 million spent per day using contactless in September

Contactless payments hit a record high in Q3 2020 with more than 182 million payments valued at almost €2.9 billion according to the latest figures published today by Banking & Payments Federation Ireland (BPFI).

With a significant surge in contactless payments in recent months triggered largely by the Covid-19 pandemic, today’s figures show the number of contactless payments rose by 36% year-on-year in Q3 2020 with the value of those payments up 77% during the same period. And while activity did see a slight dip during September, there were two million contactless payments per day during the month of September, unchanged from August, with €31.1 million spent per day, down from €31.9 million a month earlier.

Speaking on today’s figures Brian Hayes, Chief Executive, BPFI said: “We have seen a significant acceleration in the use of contactless payments in year-on-year terms as consumer behaviour coupled with Covid-19 continue to reshape payment methods. As well as seeing a record breaking high in contactless spending this quarter, we can also see that consumers are making higher-value contactless payments than before with average contactless payment up from €12.03 in Q3 2019 to €15.69 in Q3 2020. In addition, the number of contactless-enabled cards is on the rise with almost 5.1 million debit cards and almost 1.7 million credit cards in issue by the end of September 2020.

These figures clearly demonstrate the growing demand for contactless payments, allowing consumers to conduct fast, simple and secure transactions during the current pandemic. However, in light of the new level 5 restrictions, we will undoubtedly see an impact on contactless transactions and consumer spending in general as we move forward.”

 

Contact: Jillian Heffernan, Head of Communications, 087 9016880 or jillian.heffernan@bpfi.ie

Notes: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.  Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has some 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

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