25 Apr Almost a quarter of Irish businesses want to go fully cashless
- Almost ¼ of Irish businesses want to go cashless (23%)
- 62% believe the increase in card over cash transactions has helped them run their business
- 42% of businesses are unaware there is no contactless limit on mobile wallets
- Irish businesses’ outlook remains optimistic with 60% believing their business could grow this year
- The cost of living crisis (75%) and business running costs (82%) dominate as key concerns across all sectors
- “Our merchant insights show that businesses are continuing to embrace digital payment technology. Results from this year’s survey emphasise the continued growth of digital and mobile wallet payments, a greater awareness of the adjacent benefits of digital payments for small businesses, and lastly the very upbeat sentiment amongst Irish businesses despite the challenging macro-economic picture.” BOIPA General Manager, Conor Quirke
- Download the findings HERE
BOI Payment Acceptance (BOIPA), a leading provider of payment technology solutions, recently surveyed Irish businesses about the current payment landscape as well as business confidence and concerns
Business benefits from increase in cashless transactions
Almost a quarter of businesses (23%) would now like to go fully cashless according to the survey.
As well as offering quicker and more seamless transactions in-store, 62% of BOIPA customers believe accepting more cashless payments at the expense of cash is more cost effective, safer and more secure than handling cash and helps with administrative tasks.
2 in 5 businesses felt the general increase in card over cash transaction had made no material change to how they run their business.
Mobile wallet usage’s potential not yet fully tapped
BOIPA’s Merchant Insights survey also found over 4 in 10 businesses were unaware that there is no contactless limit on mobile wallet transactions. 30% believe it is capped at €50.
60% of BOIPA customers expect to grow this year despite the cost of living crisis and running costs dominating as key concerns
6 in 10 Irish businesses believe their business will grow over the next 12 months despite global economic uncertainty.
Unsurprisingly the ‘cost of living crisis’ and ‘running costs’ emerged as the main concerns for the majority of businesses. Over 4 in 5 merchants cited running costs as a key concern while ¾ of merchants felt the cost of living crisis would impact their business.
Role of digital payments as a service is growing
BOI Payment Acceptance’s General Manager Conor Quirke notes how the survey’s 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.”
BOIPA’s Merchant Insights Surveys
BOIPA have issued the Merchant Insights Surveys annually since 2019, consistently receiving high customer engagement. This year’s survey received over 2,300 responses in March.