Business Personal Finance

Thursday 26 April 2018

Another step towards a cashless society? Consumer debit card transactions hit €2.7bn

Most of the debit card spending was on groceries
Most of the debit card spending was on groceries

Charlie Weston Personal Finance Editor

Consumers are increasingly using debit cards as an alternative to cash, new research shows.

New “tap-and-go” features on debit cards that allow consumers to wave their card across a point-of-sale machine when paying are thought to be encouraging huge use of debit cards.

The contactless feature can be used for amounts up to €30 before a personal identification number has to be entered.

New figures from the Central Bank show there was a 14pc rise in the value of spending on Visa and MasterCards debit cards in retail outlets in March, with a total of €2.7bn spend.

This amounts to an extra €331m transacted on debit cards.

With a debit card you can only spend what you have in your current account, unlike a credit card where you can spend money you do not have.

Most of the debit card spending was on groceries.

Spending online, using debit cards, was up 31pc in March, although this was lower than in January.

In March, some €857m was spend online using debit cards, the Central Bank said.

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