PayPal study reveals importance of going cashless to support local Irish business

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The trend in Ireland is to go cashless to support local business, a case study has revealed. The research from PayPal – conducted on behalf of the company by Ipsos – has discovered that Irish consumers see conducting business locally as one of the keys to emerging from the economic doldrums caused by the Covid-19 crisis.

But in a further finding, the research suggests that Irish consumers are increasingly going cashless as citizens get to grips with a post-Coronavirus world. PayPal, of course, is increasingly becoming one of the favoured means of completing transactions, with PayPal payments evolving and embracing a cashless society. 

The gaming industry has been moving to online gaming over the past few years, and so are its payments. E-wallets services are gaining popularity among players with PayPal being the favourite E-wallet payment method, which has led to a significant increase in the amount of people playing at PayPal Casinos. This phenomenon will only be accelerated by the realities of the restrictions imposed by the global pandemic. But 81% of respondents believe that shopping in their locality and supporting local business will be one of the key drivers behind recovery. And while more than half of those surveyed (57%) preferred making transactions face to face, cashless payments are important to more than two-thirds who took part in the research (67%).

Unsurprisingly, it has been the millennial generation that have been leading the march towards a cashless world. Indeed, it is estimated that Ireland will move ahead of the UK in terms of the percentage of transactions that are cashless by 2030 (that number is anticipated to be at around 80% in the UK).

The retail sector has been the epicentre of change through the Covid-19 emergency, and the PayPal research suggests that the attitudes of consumers have changed. Not all changes are easy to facilitate, however, and one of the challenges to going cashless is that local shops and enterprises need to facilitate contactless payments, either in store or via online channels. 

But with the PayPal case study revealing the desire of Irish consumers to support local businesses, the future has been laid bare. As a whole, 75% of Irish consumers stated that they now think more about the importance of supporting local and working collaboratively with businesses in their locality, and it is that increase in consciousness that can facilitate the change that is required in the future. 

So, while the gaming sector has been one of the leaders in this movement in the past, it seems others will soon be following to bring together Irish consumers’ wish to support local but in a cashless manner.