Record high of almost €17.9 billion spent using contactless payments made in 2022, over 31% rise on 2021 – BPFI Payments Monitor
- €53 million spent per day in Q4 2022 using contactless payments
- Volume of online and mobile banking payments double to 143 million between 2016 and 2022
- EU Commissioner Mairéad McGuinness opens BPFI’s inaugural National Payments Conference looking at the major forces bringing change to the Irish payments landscape
Monday 27th 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, while online and mobile banking payments continued to surge with volumes doubling between 2006 and 2022, according to the latest Payments Monitor Q4 2022 from Banking & Payments Federation Ireland (BPFI).
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.
Commenting on the figures, Gillian Byrne, Head of Payments, BPFI said: “Today’s 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.”
“We also continue to see a surge in mobile and online banking payments, with today’s report showing that on an annual basis, volumes have risen by 9.4%. 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.”
The publication of today’s Monitor coincides with the hosting of BPFI’s National Payments Conference which is being opened by EU Commissioner for Financial Services Mairéad McGuinness. Bringing together industry experts and policy makers, the event will reflect on the significance of the figures published today in the context of the major forces bringing change to the Irish payments landscape. In addition to examining the latest payments developments at EU level including the digital euro and Instant Payments, the conference will also explore the development of tailored services for customers using payment data as well as financial crime and the latest fraud trends.
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.
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 125 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
Contact: Jillian Heffernan, Director of Public Affairs, firstname.lastname@example.org 087 9016880 or Fiona Murphy, Head of Communications, email@example.com 087 9740046.