Most Irish consumers prefer to use cashless payment methods, research shows.
Research carried out by The Dublin Mint Office to coincide with Black Friday reveals that 59% of survey respondents stated that they favour using credit/debit cards or online payment methods over cash, with only the remaining 41% showing a preference for physical currency.
In fact, 85% of respondents revealed they use cashless payment methods including cards and digital payment systems more frequently now than they did five years ago.
“The consensus showed that the majority of people find cashless payment methods such as contactless payments with cards, or apps, to be more convenient, quicker, and easier to use," Kathy Clarke, country manager for The Dublin Mint Office, said.
"However, as a company we feel that physical coins and banknotes should never be forgotten or completely replaced, as they act as a reflection of the society, culture, and the period of history during which they were created."
Cashless payments are most popular among respondents from Leinster, with 66% of them opting for these payment methods.
54% of respondents from Connaught prefer cashless payments, while only 51% of Ulster respondents favour this option.
Munster was the province least in favour of cashless payments, with only 47% favouring this method.
Despite the growing popularity of cashless payment methods, surprisingly the survey indicated that only 20% of respondents reported that they use a smartphone app for payments.
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.