Home Insights Insight of the Week: The importance of contacting the contactless

Insight of the Week: The importance of contacting the contactless

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contactless-paymentOne of the biggest changes in how we make day-to-day purchases in recent years has been the introduction of contactless bank payment cards to make it easier and quicker to make minor purchases. The latest TGI data from Kantar Media’s TGI study of consumers in the Republic of Ireland reveals that 18% of adults (around 640,000 people) have made a payment with a contactless card ‘in the last 12 months’, with 4% of adults doing so at least once a week. This compares to 14% and 4% respectively in Northern Ireland and 28% & 13% in Great Britain.

In the Republic of Ireland, TGI data reveals that the young in particular like to pay with a contactless card, with those aged 30 or under 56% more likely than the average adult to pay this way once a week or more. It’s also something that appeals in particular to those who have higher levels of education and high income: those with at least a university degree are 46% more likely to use contactless and those with a family income of €75,000 or more are 30% more likely to do so.

One risk of paying contactless is not keeping so close an eye on how much is being spent, particularly for those already prone to spending more than they would may wish. Adults who admit that they spend more with a credit card than they otherwise would are a third more likely to use contactless. Similarly, those who agree that they are no good at saving money are a quarter more likely to use contactless once a week or more.