According to Visa Europe's Consumer Spending Index, Irish consumer expenditure across all payment types (cash, cheques and electronic payments) continued to rise sharply in the year to May. Spending was up +9.2% year-on-year, slightly slower than the +9.6% rise in April, but still among the strongest in the 21-month history so far.
Visa Europe and permanent tsb has announced the launch of GoREWARDS, offering the bank’s Visa debit card customers money back promotional offers on their favourite retail and online brands based on their spending habits.
The increase in the contactless card payment limit in October 2015 has had a transformative effect on consumer spending habits with Visa debit cards in Ireland, according to new analysis from Visa Europe.
The latest data for Visa Europe's Consumer Spending Index has shown that Irish consumer expenditure across all payment types (cash, cheques and electronic payments) rose by +9.7% year-on-year during April.
• Longer than usual Easter school holidays and Centenary Celebrations helps to boost growth for Recreation & Culture sector with a +14.4% increase in spending • Growth in eCommerce spending remains faster than high-street expenditure • Increase slower than the Leap Day affected rise in February, but solid nonetheless
A new Visa Inc commissioned study by Moody's Analytics that analysed the impact of electronic payments on economic growth across 70 countries between 2011 and 2015 has found that increased use of electronic payment products, including credit, debit and prepaid cards, added $296 billion to GDP globally. The 70 countries in the study make up almost 95 percent of global GDP.
Growth of Irish household expenditure stepped up a gear in February, according to Visa Europe's Irish Consumer Spending Index. Spending was up +11.3% year-on-year across all payment types (cash, cheques and electronic payments), faster than the +7.5% seen in January and the steepest recorded in the 18-month series history, surpassing the previous best from November last year.
• Contactless growth accelerates shift from cash to electronic payments with one million contactless transactions made in Ireland every week • Online shopping continues to soar with eCommerce accounting for 21% of all spending with a Visa card • More than €1 in every €3 of Irish consumer spending is now on a Visa card – Debit, Credit or Prepaid
The latest Visa Europe Irish Consumer Spending Index showed that there was no slowdown in consumer expenditure in January after a year-on-year increase of +7.2% was recorded during the month across all payment methods.
Visa Europe has appointed Philip Konopik as Ireland Country Manager. Konopik will have overall responsibility for Visa’s operations in Ireland, driving growth and development in a key market for Visa Europe.
The latest Visa Europe Irish Consumer Spending Index signalled a strong end to 2015 for the Irish economy as total household expenditure rose +6.6% across all payment methods from one year earlier. The December performance completes a particularly strong final quarter of 2015 for consumer spending with +7.1% growth over the same quarter in 2014.
The latest Visa Europe Irish Consumer Spending Index in November saw the strongest expansion in the 15-month series history, with spending rising +7.9% year-on-year across all payment methods, following a +6.8% increase in October, the second month running in which the rate of expansion has quickened.