Modern payment technology makes it easier than ever to part with hard-earned cash. Digital wallets, online banking, contactless payments and, as of last week, the roll-out of Sepa instant payments, facilitate credit transfers that make funds available in a payee’s account within seconds of a payment being made.
A recurring concern in this era of unlimited financial flexibility is whether new ways of moving money are making us less cautious in how, why or when we tap or swipe to approve, or even share banking details.
The answer is quite literally in the palm of the hand. The one-tap-wonder that is our smartphone can easily become a rather inconvenient convenience unless we keep our wits about us. But there are some very simple ways to stem the mismanaged flow of money on mobiles.
Heed new habits
Analysis from the Banking & Payments Federation Ireland (BPFI) last month showed there had been more than 1.6 billion contactless “point of sale” payments across shops, restaurants and other retail outlets in the 12 months to June 2025.
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The Payments Monitor report revealed that contactless payments – valued at €28.3 billion – accounted for 87.9 per cent of point-of-sale card payments in the first half of this year. More than half of all contactless payments are now made with mobile wallets including Apple Pay or Google Pay, rather than actual cards.
The ease of these financial transactions can lull us into wandering into less mindful territory where reaching for a phone to make a payment takes our eye off sound money management.
A good habit to employ is enabling notifications and reminders that pop up on your screen once a payment has been made. What you’ve just spent will be there in black and white, a reminder that each of those taps represents a call on your finances. The more you are aware of outgoings, the greater the incentive to hold on to what you have. Think “old school” in a new era of banking.
Digital wallets make sense in a busy world. Supermarket shopping, filling up on fuel, paying for parking and even a morning coffee are all made easier by Apple Pay and Google Pay. But point-of-sale convenience comes with a caveat. Seamless and speedy transactions on our phone make daily life easier but they can often take the focus off essential weekly budgeting.
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How much is currently in your bank account? How much did you spend today? One good practice is to revisit monthly bank statements to examine your spending. Have you overspent, or made careless and throwaway purchases.
Yes, it is as tedious as it sounds but, done regularly, it puts your incomings and outgoings to the fore of good money management. It will also shine a light on just how easy it is to part with money when a purchase is just a tap away, whether it’s a couple of coffees each day, or multiple subscriptions. It all adds up.
Know your worth
Sepa instant payments are a really interesting addition in the European banking world. As mentioned earlier, it is fast, very fast, and operates 24 hours a day, including bank holidays and weekends, unless unavailable due to a bank’s planned maintenance.
The introduction of Sepa instant payments is part of the EU’s Instant Payments Regulation, which is designed to make payments and credit transfers a seamless and immediate transaction across the euro zone.
There is an added layer of security too – with the implementation of “verification of payee” where the name of your payee is checked against the actual name on the recipient’s account. The person making the payment is then advised if there is a match, a close match or no match.
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Due diligence and extra vigilance are necessary when enacting such transactions. Remember, there is no grace period or payment recall so making sure all details of a payee are correct is essential to ensure you are sending money to the right recipient.
It isn’t designed to scare, but it should promote a greater effort in vetting recipients before any payment is approved.
‘Sip and scroll’
Speaking of matches, for all its convenience, a smartphone can be your worst enemy when it comes to better budgeting. How many of us are guilty of sitting on the sofa of an evening, a glass of our favourite tipple in hand, with one eye on the TV screen and the other scrolling across social media platforms and other sites where in-app purchases are widely available? The end result is often a purchase, and more often than not, one that is far short of essential.
The “sip and scroll” conundrum can often be identified as the culprit when we find ourselves with limited funds in the days leading up to pay-day. With your senses relaxed and the ability to have something new at the push of a “buy now” or “add to cart” button, we can all too easily make purchases we swiftly come to regret.
Get into the habit of browsing without making any financial commitment until the clear and lucid hours of the following day when a cart filled with what you felt you needed the previous evening can be emptied under a clearer microscope.
Only buy something if, with the more detached lens, the desire remains and you can assess what the purchase will do to your finances. And steer clear of payment options such as “buy now, pay later” to avoid long-fingering financial repayments that may ultimately come laden with interest and intricate penalties. Apply this logic to credit cards too.
Tangible asset
Remember the nationwide power outage that happened in Spain and parts of Portugal in April? The fragility of digital payments became clear as access to ATMs and point-of-sale terminals were disrupted while governments tried to figure out, first, what had caused the blackout, and then the economic fallout of stymied electronic payments.
It did shine a light on the value of cash at a time when digital advances dominate consumer spending. Cash is a tangible currency that allows consumers to navigate their way around banking app issues or widespread power blackouts. Having even a small amount to fall back on in times of emergencies is a sensible precaution.
