Contactless payments in Ireland reached new heights in Q3 2021 at almost 234m payments worth nearly €3.8bn.
Online and mobile banking payments continued to grow strongly in Q3 2021 as Covid-19 restrictions eased and business activity increased according to the latest Payments Monitor from Banking & Payments Federation Ireland (BPFI).
The Monitor, which also captures contactless data, shows the use of contactless payments reached new heights in Q3 2021 at almost 234m payments worth nearly €3.8bn.
“In the third quarter of this year online and mobile banking payment volumes grew by 8.6pc year on year to 32.2m payments. This was the highest level recorded since BPFI began collecting this data in 2016”
The number and value of payments were 17.2pc and 19pc, respectively, above the previous highs in Q2 2021.
Looking at the monthly picture for September, contactless payment volumes rose by 25.6pc year on year to 75.6m or 2.5m payments per day.
The value of contactless payments during September rose by 29.1pc to more than €1.2bn or €40.1m per day.
While payments volumes increased in year-on-year terms, they fell to the lowest monthly level since June 2021, likely reflecting the wider seasonal decline in grocery spending as many people took holiday breaks.
Shift to digital banking
“Our latest Payments Monitor is very clearly highlighting the continued shift away from paper-based payments to digital banking,” said BPFI chief executive Brian Hayes.
“In the third quarter of this year online and mobile banking payment volumes grew by 8.6pc year on year to 32.2m payments. This was the highest level recorded since BPFI began collecting this data in 2016. Looking at the year-to-date picture we can see that in the nine months ending September 2021, digital banking payments grew by 11pc year on year compared with the same period of 2020, pointing to greater use of electronic remote channels in place of paper-based payments in particular.”
“At the same time cheque payments remained at historically low levels but were broadly unchanged from the first two quarters of the year. In year-on-year terms, cheque volumes were 15.8pc down in the year-to-date,” said Hayes.