| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Irish Last Updated: Aug 16, 2011 - 4:50 PM

Total spending on debit/ credit cards in Ireland last year was €22.8bn compared with ATM withdrawals of €22.3bn
By Finfacts Team
Aug 16, 2011 - 3:38 PM

Email this article
 Printer friendly page

The total spending on debit/ credit cards in Ireland last year was €22.8bn compared with ATM withdrawals of €22.3bn. It was the first time that cards overtook cash.

Figures for the first half of 2011 indicate the continued rise of card usage and decline of ATM withdrawals. The data was provided by the Irish Payment Services Organisation Limited (IPSO).

Consumers in Ireland use ATMs more than in any other EU country making an average of 40 withdrawals, totalling almost €5,000 per capita, in 2010. €1bn per annum is reputed to be the potential boost to the Irish economy of a significant switch to electronic and card payments.

Electronic payments which are faster more efficient and more cost effective are vital in the current economic climate. Yet Ireland still lags behind its European counterparts with the value of all non-cash transactions totalling 36% in 2010. Although rising, this remains in stark contrast to the EU average of 96% as consumers on the continent have for many years been using more cost-efficient and streamlined payment methods.

Another notable trend is the increase in the number of people using Internet banking services over the past four years with over 2.8m customers now registered for online banking. IPSO recently reported that customers made 10.7m online payments in Q1 2011, a 17.3% increase on the same period last year.

Although still one of the highest users of cash in the EU, at least as measured by ATM withdrawals on a per capita basis, the volume of cash being paid out of ATMs in Ireland dropped by over €3bn to €22.3bn in 2010. The number of new debit cards issued exceeded 330,000 in 2010 to bring the total number now to 3.4m.

IPSO said that even allowing for the economic downturn, there does appear to be a shift away from cash to debit cards for day-to-day purchases. While the rise in online purchasing is having some impact, debit card usage continues to grow in popularity, with over 200m transactions in 2010, now exceeding the number of ATM withdrawals.

Related Articles
Related Articles

© Copyright 2011 by Finfacts.com

Top of Page

Latest Headlines
Ryanair revises up full-year profit guidance
AIB bank profitable in third quarter
Ryanair announces half-year profits up 32% to €795m
Ryanair benefits from improved customer service
Ryanair to buy 100 new Boeing 737 MAX 200
Finfacts server migration Thursday
State-owned Allied Irish Banks reports H1 2014 profit as bad loan charges plunge
Ryanair reports profit in its financial first quarter soared 152%
UK firm opens van dealership in Dublin
Ryanair reports 8% fall in full-year profit; US services to commence in 2019
Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
Bank of Ireland reports “significant” improvement in 2013 results
Sale process of IBRC UK projects Rock and Salt completed
CRH says 2014 will be year of profit growth after reporting 2013 loss
Ryanair reports third-quarter loss
Irish Water says it saved €100m in setup costs
RSA Insurance fires two Irish executives for large loss/ accounting irregularities
Bank of Ireland will have to raise provisions by €1.4bn; AIB says it's "well capitalised"
CRH reports slightly improved third quarter
Central Bank says ownership of Newbridge Credit Union transferred to permanent tsb
Ryanair reports H1 profits rose by 1% to €602m
Dublin Web Summit: Irish Stock Exchange and NASDAQ OMX announce dual listing plan
Irish pension managed funds returned to growth during September
Dan O’Brien resigns as economics editor of The Irish Times
Central Bank says no action required on Anglo tapes revelations
Ryanair flew 9m passengers and Aer Lingus carried 1.1m in August
UK Competition Commission says Ryanair must cut Aer Lingus stake to 5%
CRH reports H1 2013 revenue dip and loss
Vodafone refunded UK after discovery of Irish tax haven deal
RBS reports half year profit; Ulster Bank posts reduced loss
Bank of Ireland cuts pretax losses in HI 2013 to €504m
Irish State-owned Allied Irish Banks reports losses of €758m in H1 2013
Service Announcement
Irish managed pension funds declined in June
VHI reports 2012 surplus of €54.3m; Health insurance made loss
Ex- Elan director says management / board "not competent to run a business"
Aer Lingus to put €140m in employees pensions fund; Ryanair apoplectic
Wednesday Newspaper Review - Irish Business News and International Stories - - May 22, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 21, 2013
Ryanair, Europe’s biggest low cost carrier, announced Monday record annual profits of €569m - - up 13%