As the adoption of digital-only banks, split bill apps and phone payments become more widespread, 70 per cent of Irish consumers believe the country is moving towards a cashless society, a survey of 1,000 Irish adults by Dentsu Consult shows. Irish people are now much more likely to say they often use card payment than cash, as trust in tech heightens.
Saving debit and credit cards to phones is becoming more widespread with 45 per cent of people using contactless phone payments at least some of the time. While most Irish adults still use cash at least sometimes, use of mobile and online payments has become more widespread across society. Covid-19 contributed sizeably to the rise of a cashless society.
Nearly half of adults (47 per cent) now use less cash due to the pandemic.
Payment types
Debit cards are used more often than cash by most people, with nearly as many tapping their phone as using cash regularly. The move away from carrying cash also has an impact with 66 per cent of respondents agreeing that fewer people give tips due to a lack of cash. The report shows that an increase in cashless payments appears inevitable as under 35s age.
Nearly half (45 per cent) of adults have a current account with a digital only bank, although there are dramatic differences in the age profile of digital-only bank adoption. Some 62 per cent of 18- 34 year olds have a current account with an online bank, dropping to 27 per cent of over-55s. Younger people are much more likely to be adopting cash-free tech.
They save credit cards to their phones, websites and apps to make life easier.
Cryptocurrency remains relatively niche and misunderstood. Although nearly half of people are aware that crypto exists, a third believe it’s a fad while less than one in six Irish adults have invested in crypto. Only a tiny minority think it will replace ‘real money’. Crypto will remain on the fringes until more consumers can understand it better and see opportunities.
- 48 per cent of adults have heard of cryptocurrency
- 46 per cent have heard of crypto, but don’t understand it
- 33 per cent of adults think cryptocurrencies are a fad
- 15 per cent of people have invested in cryptocurrency
- Only six per cent of adults think crypto will eventually replace real money
What does all this mean?
Dentsu Consult’s Dael Wood (above) said that throughout the pandemic retailers moved towards cashless transactions, changing consumer mentality. Irish people are now much more likely to say they often use card payment than cash, while tapping phones is more or less the norm. Cash-free tech will be further adopted with voice commerce the next big thing.
