BearingPoint key survey findings:
- Revolut is the most used digital payments provider in Ireland with 55% of respondents using the all-in-one finance app
- Cash is still the most commonly used form of payment method in Ireland with 61% of Irish respondents saying cash is their most frequently used payment method
- On a national average, 43% of respondents attribute the characteristic of anonymity to cash
Dublin, December 7, 2023 - The contactless debit card is the most frequently used digital payment method in a European comparison, while cash is the most frequently used payment method overall. One in two had experienced problems with digital payment methods. These are the findings of a new survey conducted by management and technology consultancy BearingPoint in seven European countries.
In Ireland, Revolut is the most used digital payments provider with 55% of adults surveyed using the all-in-one finance app. However, cash is still the most used form of payment with 61% of Irish respondents saying cash is their most frequently used payment method. Interestingly, this figure rises to 64% among 18-24 year olds in Ireland still using it frequently each week. On average the usage frequency of contactless card payments lags closely behind cash at 59%.
56% of people say they will use card payments, online and mobile payments services more frequently in the next 2 years. The characteristics of speed and convenience are attributed to digital payment methods such as card payments whereas anonymity as a characteristic is only applied to cash.
The survey finds that contactless debit card payment is most frequently used in Ireland by over 55s (62%). In most countries, contactless debit cards are used evenly across all age groups surveyed. The exceptions to this are France and Ireland, where the 18-24 age group differs significantly from the national average for the other age groups. France has the lowest frequency of contactless debit card use in this age group at 31%, closely followed by Ireland at 40%. In contrast, mobile payment services are used significantly more frequently in the 18-24 age group in France at 33% and in Ireland at 54% for this particular age group.
The BearingPoint Payments Behaviour survey has shown that while cash is still the predominant form of payment method in Ireland, the rate at which digital payments are used is likely to increase over the next couple of years. Contactless card payments are viewed as the fastest and most convenient payment method for people and 54% of young adults use mobile payment services frequently. The data no doubt indicates that there is a potential opportunity to create a standardised, digital, European payment solution
Gillian O'Sullivan, Partner and Country Lead at BearingPoint Ireland said
Anonymity is only attributed to cash
On a national average, 43% of respondents attribute the characteristic of anonymity to cash, while card payments and payment services are not assigned this characteristic. With 56% of respondents, Austria is the leader in the country comparison for the anonymity characteristic of cash. Contactless cards are rated as fast by 64% and convenient by 57% of respondents on average across the countries, putting them above the other payment methods surveyed.
One in two had experienced problems with digital payment methods
49% of respondents on a national average, around one in two had problems or concerns when using digital payment methods. This picture varies between countries. In Ireland, most respondents (63%) stated that they had experienced problems or concerns, whereas in Finland, only 38% of respondents had this experience.
About the survey
The data is based on an online survey of 8,114 people in Germany (2,040), Finland (1,004), France (1,056), Ireland (1,002), the Netherlands (1,006), Austria (1,005) and Switzerland (1,001) conducted between September 11-22, 2023. The results were weighted and are representative of the respective populations aged 18 and over. The survey was designed by BearingPoint and conducted by the market research institute YouGov in the seven countries mentioned. The results were analysed by the BearingPoint payments experts. BearingPoint has conducted the survey regularly in the DACH region since 2019 and expanded the panel to other European countries this year.
About BearingPoint
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three business units: Consulting, Products, and Capital. Consulting covers the advisory business with a clear focus on selected business areas. Products provides IP-driven digital assets and managed services for business-critical processes. Capital delivers M&A and transaction services.
BearingPoint’s clients include many of the world’s leading companies and government organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 70 countries, engaging with them to achieve measurable and sustainable success.
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Press contact
Madison Duffy
Marketing Manager, BearingPoint Ireland
Telephone: + 353 1 418 1183
Email: madison.duffy@bearingpoint.com
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Madison DuffyMarketing ManagerIreland
