Irish consumers are embracing online payments services as well as finally switching from cash to using debit cards, reports vrl-financial-news.com. Author: Elizabeth Smythe
Irish consumers are embracing online payments services as well as finally switching from cash to using debit cards, reports vrl-financial-news.com.
It’s been a long time coming; the Irish Payment Service Organisation Ltd (IPSO) has announced that consumers in the emerald isle are increasingly “conducting low cost e-payments through online banking channels.”
It has impacted on ATM use too, as the amount of cash withdrawn in the country in 2010 fell by €3 billion, according to The Irish Times. Now, some 2.8 million Irish customers use online banking to make payments more conveniently.
This “new era” of customer transactions, IPSO chief executive, Pat McLoughlin says, is providing a much-needed boost to businesses and retailers, due to the increased speed and efficiency of payments made online.
However, Ireland still lags behind its European neighbours in terms of online and card payments. Currently, Ireland’s non-cash transactions accounts for just 36 per cent of all transactions, low compared with the European Union’s average of 96 per cent.
“It is essential,” Mr McLoughlin said, “that Irish consumers continue to take the lead from their European counterparts in switching to more efficient payment methods as this will positively impact on Ireland’s economic competitiveness.”