Contactless Payment Usage In Ireland Doubles Since Increase of Payment Threshold

The increase in the contactless card payment limit in October 2015 has had a transformative effect on consumer spending habits with Visa debit cards in Ireland, according to new analysis from Visa Europe.

The limit was increased from €15 to €30 on October 31st 2015 and has generated significant growth in contactless payments overall, with the number of weekly transactions with Visa debit cards doubling from over 600,000 to 1,300,000 in the space of six months up to the end of March. As a result, two contactless transactions with a Visa debit card are now made every second in Ireland, with usage rates continuing to rise.

The increase in the payment threshold from €15 to €30 had a significant impact on the growth rate, with the number of transactions between €15.01 and €30 with Visa debit cards growing sixteen fold since its introduction. The new limit further increased the appeal of contactless payments as it broadened the basket of goods that could be purchased with the technology, with consumers now able to purchase an item of clothing or small basket of shopping in a supermarket with their Visa debit card.

Philip Konopik, Ireland Country Manager, Visa Europe said: “The popularity of contactless payments in Ireland continues to soar, with over 25 million transactions with Visa debit cards made in six months. With contactless technology, Visa is also building the foundations for the future of payments in Ireland as the same terminals will accept transactions by mobile and wearable devices.”