• Sat. Oct 1st, 2022

Online and mobile banking payments increase by 11.7% in the second quarter – The Irish Times

ByCindy J. Daddario

Sep 2, 2022

Online and mobile banking payments hit new records in the second quarter, overtaking direct debit payments for the first time, while contactless payments also continued to rise, according to new figures from the Banking & Payments Federation Ireland (BPFI).

The volume of digital banking payments increased 11.7% year-on-year to 36 million payments during the April-June period, the figure being the highest quarterly level of online and mobile payments since the industry body began tracking the data in 2016.

Quarterly contactless payment volumes increased 34.7% year-over-year to 268.5 million, or 3 million payments per day, during the quarter. The value of these contactless payments has increased by 40% to more than 4.5 billion euros, or a sum of 49 million euros per day. This is the highest daily contactless spend of any quarter to date.

The latest BPFI report also shows that check volumes fell 2.6% year-on-year to 4.8 million, about half the volume seen in the second half of 2018.

BPFI’s head of payments, Gillian Byrne, said it was the first time that digital bank payments outnumbered direct debit payments, which amounted to 34.9 million in volume for the quarter.

“The report also shows that the average value of contactless payments increased to €16.61, from €15.96 a year earlier,” she said.

“Combining figures from the Central Bank of Ireland and BPFI, it became clear that contactless is increasing its card payment penetration. Some 57.3% of card payment volumes were contactless in Q2 2022 , the highest proportion on record and up from 51.3% a year earlier.Similarly, some 39.2% of the value of payments at physical outlets was contactless, compared to 35.4 % in Q2 2021.”