Contactless payments grow steadily; BPFI

Consumers made almost 1.5 million contactless payments a day between July and end-September, according to figures from the Banking & Payments Federation.

Contactless payments are those where consumers ‘tap’ their cards or devices and make payment without inputting a code on the payment device.

The number of such payments grew by 44% year on year in the three month period with almost 135 million payments made to a value of more than €1.6 billion.

Just over four in ten credit and debit card payments were contactless in the period accounting for 11% of the total value of card transactions.

Contactless payments are relatively low value, averaging €12.03 per payment.

That compares with €40.73 for all debit card payments and €75.86 for credit card payments.

There is a €30 limit on a contactless payment, above which level consumers are required to input a pin in order to execute a transaction.

“Consumers want fast, simple and secure payments. That’s why they have adopted contactless payment so quickly,” Brian Hayes, Chief executive of the BPFI said.

“With contactless-enabled cards already in most wallets, future growth will come mainly from increased usage of contactless payments and the latest figures show that consumers are using contactless payments more and more.”

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