SPENDING PATTERNS CHANGE OVER FESTIVE SEASON


Posted May 26, 2020 by merchantservices

New Payment Innovation is a payment service provider operating in Ireland. Focused on distributing innovative payment services through a series of strategic partnerships, across a variety of different sectors and industries.

 
11th February 2020: With Christmas parties and nights out now a distant
memory, what can be learned from our spending patterns during the busiest
and the most expensive time of the year? Festive spending in Ireland
witnessed debit card transactions growing five times faster than credit
cards.

Data released by payment services company _NEW PAYMENT INNOVATION_ based
on transactions processed, shows debit card spending in 2019 rose to
81.96%, up from 61.9% in 2018. This trend suggests that Irish consumers
are being more cautious about their spending habits and avoiding getting
into credit card debt.

The figures also reveal that the average transaction on a debit card
fell sharply from € 54.57 to €35.74 over the past year, showing just
how quickly debit cards are taking over from cash as the preferred
method of payment, even for smaller value purchases. The surge in
the popularity of card payments is also being driven by the very widespread
availability of payment terminals with contactless payment capabilities
as standard.

_“With the seasonal Christmas spending spree behind us, and concern
around Brexit’s impact on the Irish economy temporarily reduced, the
focus now shifts onto what impact, if any, the outcome of the general
election will have on Irish consumer sentiment this year. Irish
consumers also seem to be getting more risk-averse and cautious, based
on their marked preference for using debit rather than credit cards. The
decline in a__verage transaction values demonstrates the speed with
which we’re all embracing contactless transaction and other innovative
new payment technologies.” _said Mike Moore, General Manager, New
Payment Innovation Ltd.

Interestingly, when it comes to more expensive items, credit cards were
still the preferred mode of payment. While average transaction values
fell for debit cards, the average purchase using a credit card rose
sharply from €58.46 to €76.23.

Serving the needs of today’s mobile customers is key for local
businesses, as Ireland’s love affair with card spending, grows.

For further information contact New Payment Innovation on:

Tel: 01 447 5299

Email: [email protected]
Website - https://www.np.ie/
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Issued By New Payment Innovation
Phone (01)4475299
Business Address Citywest Business Centre 3013 Lake Drive Citywest Dublin
Country Ireland
Categories Business , Finance , Wireless
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Last Updated May 26, 2020