Banking & Payments Federation Ireland records €49 million in contactless payments per day between April and June.
The use of digital banking services by Irish consumers has reached an all-time high as contactless payments continue to rise.
The Banking and Payments Federation of Ireland (BPFI) says online and mobile banking volumes rose nearly 12% to 36 million payments in the second quarter of this year to reach the highest level since the beginning of the data series six years ago.
The data also shows that there were 49 million euros in contactless payments per day between the start of April and the end of June this year, the highest daily spend of any quarter since the start of the data series.
Gillian Byrne, Head of Payments at BPFI, said: “The trend continues, our latest figures show that online and mobile banking (digital banking) payments continued to grow strongly in the second quarter of 2022, with volumes rising. by 11.7% year-on-year to reach 36 million payments.
“This is the highest level recorded since BPFI began collecting this data in 2016.
“It was also the first time that digital bank payments outnumbered direct debits, which amounted to 34.9 million euros.
“Meanwhile, check payments were down 2.6% year-on-year to €4.8 million, about half the volume compared to the same period in 2018.”
The report also showed that quarterly contactless payment volumes increased 34% year-on-year to 268.5 million euros, or 3 million payments per day, in the second quarter of this year.
Ms Byrne said the value of contactless payments grew by 40% to more than €4.5 billion in the quarter, or €49 million per day.
“This is the highest contactless daily spend of any quarter since the data series began in 2016,” she said.
“The report also shows that the average value of contactless payments has increased to €16.61, from €15.96 a year earlier.
“It is also interesting to see that May 2022 set a new contactless monthly volume record, with 93.7 million transactions, but June 2022 set a contactless daily volume record with 3.04 million payments per day. .
“Combining figures from the Central Bank of Ireland and BPFI, it became clear that contactless is increasing its card payment penetration.”
Nearly two-thirds of card payment volumes were contactless in the three months to the end of June, the highest proportion on record and up from 51% a year earlier.
Similarly, nearly 40% of the value of payments at physical outlets were contactless, up from 35% at the same time last year.
“Meanwhile, check payments fell 2.6% year-on-year to 4.8 million, about half the volume compared to the same period in 2018,” Ms Byrne said.