Contactless payments increased by over 31% to record high of €17.9 billion in 2022
Print30 March 2023
Almost €17.9 billion in contactless payments were made 2022, the highest level recorded since 2016 and a jump of 31.4% on 2021, according to the latest Payments Monitor Q4 2022 from Banking & Payments Federation Ireland (BPFI).
Online and mobile banking payments also continued to surge with volumes doubling between 2006 and 2022,
The last quarter of 2022 saw three million contactless payments per day valued at €53 million making this the highest daily contactless spend in any quarter since the data series began in 2016.
On an annual basis, the number of contactless payments had more than doubled since 2019 to 1.1 billion, while the value was almost three times (2.92) the 2019 level.
The monitor also shows that the volume of online and mobile banking payments (digital banking) continued to grow by 5% year on year in Q4 2022 to 36.7 million. This represents the highest quarterly volume since that data series began in 2016.
“The report demonstrates the continued growth in consumer reliance on contactless payments with an increase in volume of 27.2% on an annual basis to almost 1.1 billion transactions. Contactless payments more than doubled since 2019 to 1.1 billion with the value of transactions almost treble (2.92) the 2019 level,” said Gillian Byrne, head of payments, BPFI.
“We also continue to see a surge in mobile and online banking payments, with the report showing that on an annual basis, volumes have risen by 9.4%,” Byrne added. “This is a continuation of the trend seen in recent years and figures reveal that volumes have more than doubled to 143 million since 2016 when there were only 71 million transactions.”
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