Irish people increasingly favour the use of debit and credit cards ahead of cash and cheques.

A report by the Irish Payment Services Organisation shows ATM withdrawals are down 19% in the past five years, while cheques and paper debits have dropped 35% in that time.

Debit cards have gained significantly in popularity - with 38% more in circulation now than 5 years ago - a total of 4-million.

The number of payments made by debit cards is also up, climbing 41% in the past 5 years.

In total, the spend on payment cards in Ireland in 2012 was over €24-billion - a 3% increase on the previous year and greater than the total output from ATMs in that time, which was just over €20-billion.

Past 5 years

Cash

• Number of ATM withdrawals is down 19% from 205m to 167m
• Number of ATM withdrawals per capita down 21% from 46 to 36
• Value of ATM withdrawals down 30% from €29b to €20b
• Value of ATM withdrawals per capita down 32% from €6,474 to €4,375
• While use of cash is receding, the Irish are still big fans with the value of cash withdrawn per capita remaining at 66% above the EU average 

Cheques

• Number of cheques and paper debits down 35% from 117m to 76m
• Value of cheques and paper debits down 62% from €797b to €301b
• Despite the decline, Ireland remains one of the last few EU countries still using cheques regularly

Payment Cards (Debit and Credit)

• Number of Debit Cards up 38% from 2.9m to 4m
• Total number of payment cards, including Credit Cards, up 15% from 5.3m to 6.1m
• Number of debit card payments up 41% from 181m to 256m
• Number of all card payments up 19% from 300m to 357m
• Value of debit card payments up 20% from €11.5b to €13.8b

Online Banking, Direct Debits and Electronic Credit Transfers

• Number of automated credit payments up 2% from 135m to 138m
• Value of automated payments down 6% from €291b to €273b

Speaking about the results, IPSO CEO Pat McLoughlin says, “The figures today are indicating that Irish consumers and businesses are tending towards the more efficient payment tools available that help make Ireland a competitive market.”