Irish companies are divided about the possibility of becoming cashless within 10 years, and more than half of Dublin’s companies believe it is a real possibility, new research shows.
According to a BOI Payment Acceptance (BOIPA) survey, the general increase in cashless payments for cash transactions is positively seen by almost two-thirds of companies across the country.
This has subdivided Irish companies whether they expect to be completely cashless over the next decade, and 47% believe this is now a clear possibility.
The counties that are most confident in this transition are Dublin (55%) and Galway (51%).
Wicklow (50%), Leish, Limerick (49%), Kildare, Tipperary, Waterford and Carlow (48%) are also above the national average.
On the other side of the scale, Donegal’s business was the least optimistic, with only 36% believing it could be.
Similarly, over 40% of Kelly, Cavan and Laus companies feel that they could be cashless over the next decade.
According to BOIPA, recent data show that accelerated payment habits during the Covid-19 pandemic are stalled, but Ireland has become a major adopter of cash alternatives compared to other countries. It’s becoming.
Cashless payments are the preferred payment method for offline shopping in all countries surveyed in 55%. However, Ireland’s priority is as high as 63%.
Irish consumers tend to pay by card, digital wallet, or online in a variety of situations, including grocery shopping, eating out, fuel pumps, public institutions, and entertainment.
The availability of card and contactless equipment also impacts consumer perceptions of Irish residents as more modern and customer-centric for businesses with card and / or online payment options. Give.
Only 3% of those surveyed do not use cards or digital payments under any circumstances. This is half the average of the other countries surveyed (6%).
The popularity of digital wallets and wearable devices for making payments continues to grow with Irish consumers.
Currently, about 65% of people surveyed use mobile wallets, and 38% use this payment method several times a day. About 67% use virtual wallets for online spending, and 24% use this option several times a day.
An additional 15% of participants who have not yet used virtual or mobile wallets claimed they plan to use them in the near future.
Studies also show that the capture of Irish people’s digital payments leads to higher digital engagement with Irish’s more popular banking services with mobile and internet banking.
Approximately 74% of bank customers use mobile banking 2-3 times a month, and 27% use mobile banking once a day.
Conor Quirke, Managing Director of OIPA, said:
“Technological advances in Irish banking and financial services are in line with merchants and consumers’ desire for payment solutions that make daily transactions easier and more convenient.”