Back then, contactless payments were considered a slow burn, says Shane Doyle, group strategy director with Core Media. “By 2014, the average person was only doing contactless transactions about five times a year,” he says. The number of ATM withdrawals fell by 40pc in 2020, according to the Central Bank, while digital payments rose by 50pc. The European Commission this summer announced legislative proposals to introduce new rules over the next three years limiting cash payments over €10,000 to tackle money laundering and other crimes. “The closure of bank branches is putting the onus on the consumer about how they are going to manage their cash,” Jewell says.

Source: Irish Independent October 03, 2021 01:30 UTC