Online and mobile banking payments in Ireland hit record levels in the second quarter of 2022.
Between April and June, 36 million payments were made online, while the use of cheques dropped to 4.8 million - roughly half the number from the same period in 2018.
“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,” Gillian Byrne of the Banking & Payments Federation Ireland explained.
“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 34.9 million.”
In addition, an average of €49 million of contactless payments were made every day - another record high.
“Combining Central Bank of Ireland and BPFI figures, it has become clear that contactless is increasing its penetration of card payments,” Ms Byrne continued.
“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.”
A cashless society?
Overall, the figures suggest that Ireland is on the road to transitioning towards a cashless society.
Earlier this year a BOI Payment Acceptance (BOIPA) survey found that the businesses were sceptical that cash would be redundant within the next decade - with only 47% believing the transition is likely by 2032.
The survey also found that only 3% of people in Ireland do not use card or digital payments whatsoever; it is a small percentage of the population but enough to force AIB into u-turning on plans for 70 bank branches to go contactless.
Main image: Debit cards.