- Two thirds (65%) of Irish adults are using digital payments multiple times a week
- Nearly a quarter (24%) are now using their mobile for contactless payments
- 43% agree that cash is on the way out
- Irish adults now carry an average of €32 in cash
- 1 in 10 respondents said they never carry any cash
The trend towards digital and contactless payments continues to grow in popularity with Irish consumers. New research has found that half of Irish adults (50%) now use digital banking or contactless payments more often than they use cash, with two thirds (65%) making digital payments multiple times every week.
Using a mobile device to pay for goods is also on the rise, with the research showing that 24% of Irish adults now use their mobile phone to make contactless payments.
This nationally representative study of 1,000 people commissioned by One4all and carried out by Coyne Research was undertaken to provide some insight into current trends in the retail sector and get a better understanding of changing attitudes towards spending in Ireland.
The research suggests that the decline in people using cash to buy goods is likely to continue, with 43% of respondents agreeing that cash is on the way out, with mobile and digital becoming the payment method of choice for consumers.
The results of the survey show that Irish adults now carry an average of only €32 in cash, with 1 in 10 claiming that they never carry any cash.
Majority of consumers expect all retailers to accept contactless payments
As the demand for contactless payments continues to rise, retailers have had to adapt, with the survey results showing that over two thirds (67%) of Millennials (Aged 18-37) expect all retailers, shops, bars etc. to accept digital or contactless payments.
Those living in Connacht and Ulster are less likely to use digital banking or make contactless payments compared to people living in other regions. Only 22% of respondents in this area claim to make a contactless/digital payment at least once a day, with people living in Dublin the most likely, with 34% of respondents living in the capital using this type of payment method daily.
According to the research, Millennials (18-37) are also the demographic most likely to pay for things using contactless/digital more often than using cash (57%), are more open to buying a gift card/voucher online using a mobile device (58%) and use a mobile device for contactless payments (36%).
Approximately 7 in 10 (71%) Irish adults claim they would be open to buying a gift for someone online. Over half (58%) agree that contactless/digital payments are more convenient than using cash.
One4all recently launched the world’s first multi-store gift card that can be bought, customised, sent and spent all on a smartphone. This makes it easier for individuals to send a digital gift to family or friends and allow them to spend their available funds using the contactless payment function on their mobile phone or smart device.
Commenting on this new research and the recent launch of One4all Digital Gift Card, Michael Dawson, CEO, One4all, said:
“This research provides us and our retail partners with a great insight into Irish consumers changing attitude towards spending and how they are now using contactless and digital payments more than ever before. Almost a quarter of Irish adults are now using the contactless function on their mobile phone to pay for products and services, which is a trend that we believe will continue to grow in popularity with consumers.
We pride ourselves on making gifting easier and more convenient for customers, so to respond this growing consumer demand, we recently launched the world’s first fully digital multi-store gift card, which can be bought, customised, sent and spent using a smartphone. The One4all Digital Gift Card has the advantage of allowing contactless transactions over the usual €30 threshold and can be accessed through both the One4all mobile app and the One4all Digital website.”