Online and mobile banking payments grew 13.2% year-on-year in the first quarter as check volumes fell to a new record, according to the latest payments monitor from Banking & Payments Federation Ireland (BPFI). .
Contactless payment volumes continue to climb year on year, with 2.5 million contactless payments made daily in the first quarter, bringing the total to 228.4 million for the three-month period, BPFI said. .
This compares to a total of 4.5 million checks, about half of the check volume seen in the first quarter of 2018. As of the first quarter of 2020, quarterly check volumes were 6 .6 million.
Contactless payment volumes, including transactions made using mobile wallets such as Apple Pay and Google Pay, increased 53.6% year-on-year, while the value of contactless payments increased by 59% to reach more than 3.7 billion euros, or €41.6. million a day.
It is the second highest daily contactless spend of any quarter after the fourth quarter of 2021, when it reached 46.5 million euros, BPFI said.
The average value of contactless payments rose to €16.20 from €15.72 a year earlier and was the second highest quarterly average after the fourth quarter of 2021. With 84.8 million transactions, valued at a totaling almost €1.4 billion, March 2022 was the second highest level of monthly contactless payments after December 2021.
“As consumers continued to reduce their reliance on cash and checks, online and mobile banking (digital banking) payment volumes grew 13.2% year over year. another to reach 34.3 million payments in the second quarter of 2022,” said BPFI’s head of payments. Gillian Byrne.
“This is the second highest level recorded since BPFI began collecting this data in 2016, following the fourth quarter of 2021. In fact, digital banking is now expected to exceed direct debits in 2022, even direct debits increased 4.4% year-on-year to 35.5 million.