As online and mobile payments also continued to grow, new data shows 86.3% of people say they used internet banking in 2022, the fourth highest proportion in the EU
The volume of contactless payments rose by 17.6% year-on-year to 268.7 million in Q1 2023 hitting three million payments a day, according to the latest Payments Monitor from Banking & Payments Federation Ireland (BPFI). The report also shows that online and mobile banking payment volumes grew by 6.2% year-on-year to 36.4 million, the second highest quarterly volume (after Q4 2022) since that data series began in 2016.
Commenting on the latest BPFI report, Gillian Byrne, Head of Payments, BPFI said: “Today’s report shows the continued shift by consumers towards contactless payments with volumes surging by nearly 18% in Q1 2023. At the same time, we also saw the value of these payments increasing by 22% to almost €4.6 billion or €51 million per day. The average payment value reached €17.05, up from €16.40 a year earlier. Interestingly we can also see that the growth in contactless payments continued to outpace total card payment growth, which rose by 10.6% year on year to 463.4 million according to the Central Bank of Ireland.”
Ms Byrne continued: “Looking at online and mobile banking payments during the same period we have seen an increase of 6.2% year on year to 36.4 million, the second highest quarterly volume (after Q4 2022) since that data series began. We are also aware from Eurostat data that Ireland had the fourth highest internet banking penetration in the EU in 2022 after Finland, Denmark and the Netherlands. And with the data also showing that 86.3% of people aged 16 or over saying they used internet banking, this again highlights consumers’ continued preference for digital banking.”
The BPFI Payments Monitor Q1 2023 is available on the BPFI website here.
