Banks say the move towards online and contactless banking has gathered pace, with more than €50m in contactless transactions occurring daily and the vast majority of Irish people above age 16 now banking on the internet.
The report also shows that online and mobile banking payment volumes grew by 6.2 per cent year-on-year to 36.4 million, the second-highest quarterly volume in the last quarter of 2022.
However, the European Commission said that even as an increasing number of people are choosing to pay digitally, 60 per cent of consumers surveyed would like to continue to have the option to use cash. “The proposal will ensure that everyone in the euro area is free to choose their preferred payment method and has access to basic cash services. It will ensure the financial inclusion of vulnerable groups who tend to rely more on cash payments, such as older people,” said the commission.The commission will also legislate to establish a legal framework for a possible digital euro “as a complement to euro banknotes and coins”.
She said fresh research suggests that 86.3 per cent of people aged 16 or over had used internet banking and added that “this again highlights consumers’ continued preference for digital banking”.
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