17.3 C
Friday, July 19, 2024

Contactless payments surge to 3 million payments per day


- Advertisement -

The volume of contactless payments rose by almost 18% year-on-year to more than 268 million in the first quarter of the year, hitting three million payments a day.

According to the latest Payments Monitor from Banking & Payments Federation Ireland (BPFI), the value of contactless payments also increased, rising by 22% to almost €4.6 billion or €51m per day.

The average payment value reached €17.05, up from €16.40 a year earlier.

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.

The Payments Monitor shows that online and mobile banking payment volumes grew by 6.2% year-on-year to 36.4m, the second highest quarterly volume since that data series began in 2016.

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,” said Gillian Byrne, Head of Payments, BPFI.

“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,” Ms Byrne said.

- Advertisement -

Related Articles

Lisa is a skilled writer with a huge passion for journalism. With a talent for storytelling and a deep understanding of current events, she has quickly become a respected journalist in the industry. Lisa's articles are always well-written and thought-provoking, and she has a knack for finding the most interesting angles on any story. She is known for her ability to connect with her readers and engage them in the issues that matter most. Lisa is a dedicated journalist who is passionate about making a positive impact through her writing. When she's not working, Lisa enjoys hiking, yoga, and spending time with her loved ones.

Share post:



More like this

Minister Proposes Doubling Maternity Benefits Linkages

The Minister's recent proposal to double maternity benefits has...

Revolut Strengthens Security Measures Amid Customer Scams

In an era where digital fraud and scams are...

Record Labels Sue Udio: AI Music Battle

The clash between record labels and Udio over AI-generated...

Court Battle Unfolds Over Unexpected Pharmacy Closure

The court battle stemming from the abrupt closure of...