Opayo announces a jump in contactless payments by almost 2400% since January 2013
Opayo, Ireland’s largest provider of retail and web payment solutions has announced that they have processed almost 200,000 contactless transactions in Ireland, an increase of almost 2400% since this payment method was launched at the beginning of this year.
The total number of transactions for July was 53,274 against 2,140 in January. The largest spike in use of contactless payments occurred in March 2013, with the number of weekly transactions increasing by 3,000 in that month alone.
6,000 Opayo Ireland customers have installed the contactless machines to date, with the number set to rise further over the coming months as retailers recognise the benefits of this new technology. Here, over 2 million Laser cards have been replaced with Visa Debit contactless cards as the trend continues towards a cashless society.
With an upward limit of €15 per contactless transaction this method of payment is particularly suitable for the convenience store market. It is a handy and time efficient payment method for people to use especially during busy commuter times while the retailers benefit as it helps them to better manage the queues during these busy periods.
Retailers currently using contactless payment systems include Opayo partner CBE’s grocery and convenience clients: Musgrave, Spar, Centra and Costcutter.
Eric Cooney, Opayo said, “In our increasingly fast paced world, it is inevitable that products and services that provide easy solutions to ensure speed and efficiency equally matched with convenience and security are bound to be embraced by both consumers and retailers”.
There are low levels of security risk to using contactless payments. The customer is limited to €15 per single transaction. Once a customer spends a maximum of €45 across any number of retail outlets in one day, they will automatically be asked for their pin to prove that their card is actually theirs.
Opayo is Europe’s leading independent payment service provider (PSP) and is one of the most trusted payment brands. Every year Opayo processes billions of pounds worth of secure payments for its 45,000 customers and makes the process of accepting payments online, over the phone, or in person simpler, faster, safer and more profitable for businesses. Opayo is a subsidiary of FTSE 100 business management software and services company The Elavon Financial Services DAC plc. For further information please visit: www.Opayo.ie
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