Online and mobile banking payments continue strong growth in Q1 2022 as cheque volumes hit record low

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Online and mobile banking payments continue strong growth in Q1 2022 as cheque volumes hit record low

Quarterly contactless payment volumes continue to rise with 2.5 million payments per day in Q1 2022.

Online and mobile banking continued to grow strongly in Q1 2022 as cheque volumes reached a record low according to the latest Payments Monitor Q1 2022 from Banking & Payments Federation Ireland (BPFI). The report also shows contactless payments continues to surge with 2.5 million contactless payments made per day in Q1 2022.

Outlining the key figures, Gillian Byrne, Head of Payments, BPFI said: “As consumers continued to reduce their reliance on cash and cheques, online and mobile banking (digital banking) payment volumes grew by 13.2% year on year to 34.3 million payments in Q1 2022. This was the second highest level recorded since BPFI began collecting this data in 2016, after Q4 2021. In fact, digital banking now looks set to overtake direct debits during 2022, even though direct debit volumes increased by 4.4% year on year to 35.5 million. Cheque payments meanwhile hit a new quarterly low at only 4.5 million, which was about half the volume seen in Q1 2018.”

Contactless payments

The Monitor, which also captures contactless data, shows quarterly contactless payment volumes rose by 53.6% year on year to 228.4 million or 2.5 million payments per day in Q1 2022. The value of contactless payments rose by 59% to more than €3.7 billion or €41.6 million per day. This was the second highest daily contactless spend in any quarter, after Q4 2021 (€46.5 million).

The average contactless payment value increased to €16.20, from €15.72 a year earlier and was the second highest quarterly average after Q4 2021. With 84.8 million transactions, valued at almost €1.4 billion, March 2022 was the second highest level of monthly contactless payments after December 2021.

Article Published: 14/06/2022