Even before the current Covid-19 pandemic, Ireland was increasingly becoming a cashless society. But with the coronavirus crisis in full flow and unlikely to relent anytime soon, young people are leading the charge away from physical money towards digital transactions.
From real-world transactions via online disruptor banks like Revolut to online e-commerce transactions on Chinese mega-marketplaces and the growth of PayPal casinos in Ireland, the e-wallet society is here to stay.
A recent survey by Irish company One4All revealed that 65% of all Irish adults now use digital payments multiple times a week with almost one quarter (24%) now using their mobile phones for contactless payments and 43% agreeing that cash is on the way out.
Perhaps unsurprisingly the research showed that Millennials, those 18-37-year-olds beloved of marketers, are the demographic most likely to pay for things using digital more often than cash (57%), with 36% now using a digital mobile device for contactless payments.
So, what is driving this move to digital wallet payments and who will benefit?
E-wallets like PayPal create a safe, traceable, one-click solution in the online world with the added benefit of buyer protection to satisfy consumers’ desires for a dispute resolution mechanism.
Yet while the well-established PayPal has, for some time, been ubiquitous in the world of e-commerce there are still plenty of areas where it has room for growth including PayPal casinos in Ireland which are increasingly providing users with PayPal deposit and withdrawal options.
Mobile transactions are another source of growth with a March 2020 survey by Macquarie Bank showing more consumers are using PayPal on mobile devices than two years ago while the driving force behind this adoption is older millennials (30-to-44-year-olds).
Additionally, a November 2019 PayPal survey found women were the major driver of mobile transactions and confirmed that one of the main reasons for consumers abandoning a transaction was merchants not offering the preferred customers’ preferred payment method.
Little wonder then that cashless will inevitably become king and the online crown will likely belong to PayPal as online businesses continue to react to customer demands for convenience.