Irish consumers carry roughly €78.2m in cash in their wallets everyday according to new research conducted by Visa Europe. The research was conducted as part of Visa Europe’s roll out of contactless payment technology in Ireland.
The survey also reveals that due to the overwhelming amount of cash in circulation, the Irish population spends nearly 11.2 million minutes queuing in shops on a daily basis. The top three most common places to queue are convenience stores, petrol stations and fast food outlets.
According to Visa Europe’s research, when asked about the benefits of contactless technology, nearly half of respondents ranked the main benefit of contactless technology as quicker transaction speeds.
In addition, some 37% highlight the convenience of not having to take cash out of an ATM to make a payment, while 18% said that the main benefit of the new technology would be not having to spend time looking for cash when making a purchase.