Major increase in over 65s using contactless payments

 

People over the age of 65 are now using contactless payments as often as 25 to 34 year olds, according to new statistics from AIB.

The bank says covid-19 is rapidly changed how people are spending their money, while KBC has noted a spike in demand for its digital banking services.

AIB has said that coronavirus is impacting the behaviour of Irish consumers as they shift more towards using contactless to pay for goods and services.

Its customers are now spending 30% more using contactless payments since limits were raised to 50 euro at the start of April.

Contactless now accounts for 56% of payments for people aged between 25 and 34, and also those over the age of 65.

People using the likes of Apple Pay and Google Pay are also spending 41% and 45% more respectively.

Digital first bank KBC meanwhile, says the restrictions on movement led to a 30% spike in the number of new current accounts opened in the second half of March.

Three quarters of all new accounts it opened last month were opened online or over the phone.