Thursday 21 September 2017

Irish enthusiasm for 'cashless society' lures US card firm to Ireland

Contactless payments are on the rise in Ireland (Stock picture)
Contactless payments are on the rise in Ireland (Stock picture)

Simon Rowe

An accelerated migration away from cash to contactless payments has led to a decline of hundreds of ATMs around the country, and hundreds more may be turned off as consumers embrace a 'cashless society'.

The rapid rise of debit card use and the spread of contactless payments saw debit card spending in Ireland last year soar to over €30bn, a 20pc increase year-on-year.

New data from EVO Payments shows that the number of consumers and businesses embracing contactless payment technology is soaring.

On current consumer trends, the average annual increase in the value of debit card transactions since 2010 has risen by 15pc, while the average annual decrease in ATM withdrawals is running at about 3pc over the same period.

US company EVO, a payment processing partner of Bank of Ireland, said its decision to make a €9.1m investment in a new Irish headquarters last week was driven by the increasing use of card payments by Irish consumers and the adoption of new payment technology by Irish businesses.

EVO Payments International is to add 50 new jobs as part of its investment in a new HQ in Dun Laoghaire, Co Dublin.

Its Irish workforce is to grow to 120 this year, from just five staff in 2014. It is a leading card payment service provider operating throughout North America and Europe.

The new full-time positions, spanning sales, marketing, customer support and administration, will be based in the company's new head office in Dun Laoghaire, Co Dublin.

Evo has begun recruiting for the new positions and expects to fill all roles this year. With extensive operations in North America and Europe, EVO employs over 2,000 worldwide.

Evo Payments has played a central role in the accelerated growth of card and contactless payment adoption in the Irish market.

"With over six million debit and credit cards in the market, debit card spend on the increase year-on-year and over 35,000 Irish businesses offering contactless payment facilities, this number continues to grow," said Brian Cleary, managing director of BOI Payment Acceptance Ireland and UK, an arm of Evo Payment International.

"Our additional investment reinforces our commitment to rapidly expanding our presence in both the Irish and UK markets and will ensure we are well positioned to meet the demand for new and innovative payment solutions among consumers and businesses in Ireland."

Sunday Indo Business

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