There was a 36% year-over-year (YoY) increase in contactless transactions in Ireland, reaching $3,4-billion in Q3 2020. Transaction volume surged by 77% YoY to 182-million during the quarter.
According to research data analyzed and published by Comprar Acciones, the global landscape is also thriving. In 2019, the total contactless payment transaction value was $1,06-trillion. It is projected to grow at a 19,8% compound annual growth rate (CAGR) between 2020 and 2025.
According to a Q3 2020 survey by S&P Global, 40% of US consumers are using cash less frequently since the start of the pandemic.
Results from the survey revealed that there was a 54% drop in the use of cash by Gen X respondents. More than one in six of those surveyed said they had made their first contactless transaction after the outbreak.
The highest adoption rate was seen among Gen Z respondents, which was at 25%. Millennials followed at 23% while Baby Boomers were at 10%. For existing users, 29% said they had increased their use during the pandemic. The increase was highest among millennials, at 40%, followed by Gen X at 39%.
Payment service provider PayPal reported its strongest growth ever in payment volume during Q3 2020. The volume increased by 36% YoY to reach $247-billion, up from $179-billion in Q3 2019.
PayPal’s Q3 2020 revenue shot up by 25% to $5,46-billion and 15-million new accounts were created, bringing the total to 361-million. The number of transactions rose by 30% to 4-billion.
Payment processor Fiserv also posted robust performance, growing its revenue by 21% YoY to $3,79-billion. For the first nine months of 2020, its revenue increased by 79% YoY to $11,09-billion.