Over €12 billion spent using mobile wallets in 12 months to March 2024, more than half the value of all contactless payments – BPFI Payments Monitor
- Mobile wallet payments most common in Dublin and Carlow and least common in Roscommon and Monaghan.
- €24 billion spent across all contactless payment methods, including mobile wallets and cards.
- Cheque usage in 2023 fell to less than half the volume seen in 2019.
Thursday 16th May 2024 – The latest Payments Monitor from Banking & Payments Federation Ireland (BPFI) reveals that over €12 billion (€12.2 bn) was spent using mobile wallets such as Apple Pay or Google Pay, in the 12 months to March 2024. This made up more than half (50.5%) of the value of all contactless payments made during the same period with €24 billion spent across all contactless payment methods, including mobile wallets and cards.
The vast majority (85.5%) of point-of-sale payments in Ireland are contactless. However, the report shows significant regional differences. Dublin had the highest number of contactless payments per capita at 394 in the twelve months ending March 2024, 40% above the national average, while mobile wallet payments were most common in Dublin and Carlow and least common in Roscommon and Monaghan in the twelve months to March 2024.
Overall, in 2023 there were 4.1 billion payments made (11 million payments per day), the majority of which were through payment cards and mobile and online banking, while cheque usage in 2023 fell to less than half the volume seen in 2019.
Commenting on the Payments Monitor, Gillian Byrne, Head of Payments, BPFI said: “Today’s report shows a shift in consumer behaviour towards the use of mobile wallet payments, which have risen steadily to 649 million payments during the 12 months to March 2024. The average spend of €18.73 per mobile wallet payment was almost 11% higher than the average contactless payment, likely due to the fact that mobile wallets are not subject to the same payment limit as card-based contactless payments. Interestingly, the latest figures also reveal regional variations with the highest number of contactless payments per capita in Dublin at 394, 40% above the national average. Mobile wallet payments were most common in Dublin and Carlow with 190 and 131 payments per person, respectively in the 12 months to March 2024. In contrast, mobile wallet payments were least common in Roscommon and Monaghan at 45 and 54 mobile wallet payments per person, respectively, over the same period.”
Pointing to the wider payments sector, Ms Byrne added: “Looking at the annual figures for 2023, payment cards accounted for about 63% of the total payment volume but with the average card payment value at only €44, they represented only 1.1% of the value. By contrast, credit transfers, which include personal online and mobile banking transfers, as well as salary and pension payments and business-to-business transfers, accounted for almost 96% of the value of payments but only 24% of the volume.”
Ms Byrne added: “In contrast, cheque usage has fallen significantly in recent years with only 15 million payments in 2023, less than half the volume seen in 2019. This is despite the fact that Ireland remains an outlier in the euro area as one of four countries with significant cheque usage including Cyprus, Malta and France.”
The publication of the monitor comes ahead of an industry briefing being hosted by BPFI today on the digital euro, with contributions for the Central Bank of Ireland and Minister Neale Richmond, TD, Minister of State with responsibility for Financial Services, Credit Unions and Insurance.
Ms Byrne concluded: “Demand for digital payments has jumped significantly in recent years as customers have adopted new technology and payment methods, and we can see this trend reflected in the latest Payments Monitor. While cash will continue to play an important role in society, further digitisation is coming with instant payments being introduced to Ireland and across the European Union from next year, which will allow the instant transfer of money 24 hours a day, 365 days a year. Further on the horizon is the digital euro, a universally accessible electronic equivalent of banknotes and coins, which will complement cash. Consumer research commissioned by BPFI suggests that only 40% of Irish adults are aware of discussions about the possible introduction of a digital euro[1]. Although implementation will be some years away, it too is likely to be introduced in the form of a digital wallet and today’s event will explore the opportunities and challenges for consumers and the industry as plans develop.”
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Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has over 110 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: Fiona Murphy, Head of Communications, 087 9740046, Fiona.murphy@bpfi.ie or Jillian Heffernan, Director of Communications, 087 9016880, jillian.heffernan@bpfi.ie.
[1] This survey was conducted by Amárach Research in November 2023 amongst a nationally representative sample of 1,000 people.
