As well as one in five being ready to drop cash for card, a survey of Irish businesses about the current payment landscape as well as business confidence and concerns, showed that 64% said accepting more card payments at the expense of cash is more cost effective, safer and more secure than handling cash and helps with administrative tasks – this positive sentiment towards card transactions was strongest in Laois (85%), Kildare (73%) and Westmeath (73%).
However, 2 in 5 businesses nationally felt the general increase in card over cash transaction had made no material change to how they run their business.
MOBILE WALLET USAGE
42% of Cork businesses are unaware that there is no contactless limit on mobile wallet transactions, better than the national average of 48%. Merchants in Westmeath (26%), Wicklow (30%) and Cavan (31%) were most aware of the no contactless limit on mobile wallets. While at the other end of the scale, businesses in Donegal (67%) and Monaghan (55%) were the least aware.
6 IN 10 CORK MERCHANTS EXPECT TO GROW THIS YEAR
59% believe their business will grow over the next 12 months despite global economic uncertainty. Unsurprisingly the cost of living crisis and running costs were the main concerns the majority of businesses had in The Rebel County. 3 in 4 merchants cited running costs as a key business concern with about three quarters of merchants feeling the cost of living crisis would impact their business. Only 14% of Cork respondents feared they may have to scale back or close.
ROLE OF DIGITAL PAYMENTS AS A SERVICE IS GROWING
The survey was carried out in March by payment technology solutions provider, BOI Payment Acceptance (BOIPA), whose general manager Conor Quirke notes how the findings signal businesses’ growing consciousness of the benefits from the continued advances in the digital payments sector.
“The number of businesses unaware of the absence of a contactless limit on phones and watches may seem high but, given that businesses claimed less than 10% of transactions were made through mobile wallets just two years ago, the potential of this new payment trend is still being realised.”
“Our findings show that businesses are becoming accustomed to realising the adjacent service benefits digital payment technology offers – from reducing cash lodgement trips to the bank branch, managing day-to-day cash flow through to streamlining administrative tasks and planning. And let’s not forget the reduced security risk of not having large amounts or indeed any cash on site.”