Close
bpfi symbol in 3d

BPFI Payments Monitor – Contactless Update February 2021

Niall Faherty

Over €26 million spent per day in February in contactless payments – BPFI

8th April 2021 – The latest contactless payments figures published today by Banking & Payments Federation Ireland (BPFI) show that some 1.6 million contactless payments were made per day in February 2021 valued at €26.2 million.

Commenting on the key figures and trends, Brian Hayes, Chief Executive BPFI, said: “In February we saw a total of 46.2 million contactless payment made over the course of the month worth over €733 million. This was an increase of 6.5% in volume terms on the same time last year and a substantial jump of 42% in value terms over the same period. The dramatic increase we have seen in the total value of contactless in the year to February highlights the impact of the higher transaction limit of €50 that was introduced last April. As a result  of this  change we can see the average payment value rose from €11.92 in February 2020 to €15.88 a year later.”

“Looking at the trends in daily contactless payments there was an increase to 1.6 million payments valued at €26.2 million per day in February 2021, up from 1.5 million payments valued at €18 million a year earlier. Furthermore contactless payments accounted for an estimated one-third of the value of payments at the point of sale or in-store.”

“The increases we have seen both in terms of the daily and monthly trends in the year to February once again highlights the popularity and growth in contactless payments particularly when you consider that the country has been in the midst of a level 5 lockdown this February compared to a year ago when we were still living free of Covid restrictions of any sort. This underlines the ongoing shift from cash to digital and the fundamental change in people’s behaviour which will undoubtedly continue beyond the current pandemic.”

Data Series

The BPFI Contactless quarterly report data series since 2016 and contactless monthly for 2020 is available to download here in excel format.

ENDS/

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.

The BPFI Payments Monitor Contactless Update February 2021 is available for download below in PDF format.

Share:

Facebook
Twitter
Pinterest
LinkedIn