Cheque volumes half 2018 volume while value of contactless payments rose by 40% to more than €4.5bn, according to Banking & Payments Federation Ireland (BPFI).
Online and mobile banking hit record highs in Q2 2022 growing to 36 million payments according to the latest Payments Monitor Q2 2022 from BPFI.
The report also shows contactless payments continue to surge with €49 million worth of contactless payments per day in Q2 2022, the highest daily spend in any quarter since the data series began.
“The average contactless payment value increased to €16.61, from €15.96 a year earlier”
The Monitor, which also details data on contactless payments, shows quarterly contactless payment volumes rose by 34.7% year on year to 268.5 million or 3m payments per day in Q2 2022.
Digital banking continues upward trend
“The trend continues, our latest figures show online and mobile banking (digital banking) payments continued to grow strongly in Q2 2022 with volumes growing by 11.7% year on year to 36 million payments,” said Gillian Byrne, head of Payments at BPFI.
“This was the highest level recorded since BPFI began collecting this data in 2016. It was also the first time that digital banking payments outnumbered direct debit payments, which stood at 34.9m.
Cheque payments meanwhile fell by 2.6% year on year to 4.8m, about half the volume when compared to the same period in 2018.”
Highlighting the key contactless trends, Gillian Byrne continued: “The value of contactless payments rose by 40% to more than €4.5bn or €49m per day. This was the highest daily contactless spend in any quarter since the data series began in 2016. The report also shows that the average contactless payment value increased to €16.61, from €15.96 a year earlier. It is also interesting to see that May 2022 set a new record for monthly contactless volumes, with 93.7m transactions, but June 2022 set a record for daily contactless volumes with 3.04m payments per day.”
“Combining Central Bank of Ireland and BPFI figures, it has become clear that contactless is increasing its penetration of card payments. 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 points of sale were contactless, up from 35.4% in Q2 2021.”
All payments monitor data from January 2016 onwards is available in Microsoft Excel format (*.xls) in the BPFI Payments Monitor report data series. The BPFI Payments Monitor report data series since January 2016 is available to download here.