Cash is used for just 12% of purchases in Ireland now, down from 33% before the pandemic.

Figures from Bank of Ireland show a “stark” change from the period preceding the Covid-19 pandemic, during which cash accounted for one-third of all transactions.

The figures show a drop from 33% of all transactions being cash to just over 12%. The bank also said that ATM withdrawals have continued to decline. They were down 3.6% in the year to June.

Elsewhere, credit and debit card spending by Bank of Ireland customers was up 5.7% in June compared to the same month last year. This is well ahead of Consumer Price Index inflation at 1.8%.

Bank of Ireland’s Chief Economist Conall Mac Coille said of the figures, “Despite global uncertainties and a dip in consumer confidence, Irish households continue to spend confidently, supported by solid job creation and income growth. The shift away from cash also continues, with ATM withdrawals down and digital payments now dominating everyday transactions.”