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Sunday 15 December 2019

Irish Visa card spending at record €15.5bn last year

Thomas Molloy

Irish spending using Visa cards rose to a record €15.5bn last year, according to new figures published today.

One euro in every seven of consumer spending in Ireland is now done on a Visa card, the company added. This includes Visa debit cards which have replaced Laser cards in many banks in recent years. Itr does not mean that more people are borrowing on their Visa cards.

Spending jumped 17pc last year as the number of Visa cards in circulation soared 43pc. There are now about 4.9 million Visa cards in circulation or more cards than people.

Visa said growth here was driven by consumers who are becoming more comfortable paying with Visa, particularly for lower-value everyday purchases as well as the continued switch to Visa debit cards to Irish consumers.

Visa said Marks & Spencer has become the latest major retailer to offer contactless payments which allow customers to pay for transactions of €15 or less by simply touching their Visa card to the contactless terminal without enteringt their PIN number.

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