Contactless payments surge to 3 million payments per day

June 30, 2023

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.

Article Source: Contactless payments surge to 3 million payments per day – Brian O’Donovan – RTE

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