Online and mobile banking payments hit record highs in Q2 2022 as contactless payments continue to surge
- Online/mobile banking volumes grew to 36 million payments in Q2 2022 – highest level since the data series began
- Cheque volumes fluctuate, but still remain at half the Q2 2018 volume
- Value of contactless payments rose by 40% to more than €4.5 billion
Friday 2nd September 2022 – Online and mobile banking hit record highs in Q2 2022 growing to 36 million payments according to the latest Payments Monitor Q2 2022 from Banking & Payments Federation Ireland (BPFI). The report also shows contactless payments continue to surge with €49 million worth of contactless payments per day in Q2 2022, the highest daily spend in any quarter since the data series began.
Outlining the key figures, Gillian Byrne, Head of Payments, BPFI said: “The trend continues, 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. 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. Cheque payments meanwhile fell by 2.6% year on year to 4.8 million, about half the volume when compared to the same period in 2018.”
Contactless payments
The Monitor, which also details data on contactless payments, shows quarterly contactless payment volumes rose by 34.7% year on year to 268.5 million or 3 million payments per day in Q2 2022.
Highlighting the key contactless trends, Gillian Byrne continued: “The value of contactless payments rose by 40% to more than €4.5 billion or €49 million per day. This was the highest daily contactless spend in any quarter since the data series began in 2016. The report also shows that the average contactless payment value increased to €16.61, from €15.96 a year earlier. It is also interesting to see that May 2022 set a new record for monthly contactless volumes, with 93.7 million transactions, but June 2022 set a record for daily contactless volumes with 3.04 million payments per day.”
“Combining Central Bank of Ireland and BPFI figures, it has become clear that contactless is increasing its penetration of card payments. 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.”
Data Series
All payments monitor data from January 2016 onwards is available in Microsoft Excel format (*.xls) in the BPFI Payments Monitor report data series. The BPFI Payments Monitor report data series since January 2016 is available to download here.
ENDS/
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 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: Jillian Heffernan, Head of Communications, jillian.heffernan@bpfi.ie 087 901688
