MIL-OSI Economics: Number of card payments increased in the first quarter of 2024

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Source: Bank of Finland

In the first quarter of 2024, a total of 547 million card payments were made using Finnish payment cards, which was 31 million (6%) more than in the same period a year earlier. The aggregate value of card payments declined 7% from the last quarter of 2023 to stand at EUR 16.5 billion.

The aggregate value of contactless payments was EUR 5.6 billion in the first quarter of 2024, which was 15% more than in the corresponding period a year earlier. In the first quarter of 2024, a total of 340 million card payments were made on a contactless basis, 8% more than a year earlier.

A total of 96 million card payments were initiated on a computer or mobile device in the first quarter of 2024, which was 23% more than in the first quarter last year. The aggregate value of remote card payments (EUR 4 billion) was 24% more than in the corresponding period a year earlier.

The number of card payments made using a microchip or magnetic stripe declined 14% from the year earlier to 0.1 billion transactions in the first quarter of 2024. In terms of aggregate value, payments made using a microchip or magnetic stripe declined by 14% from year earlier to EUR 7.0 billion in the first quarter of 2024.

The aggregate value of payments made in other euro area countries using Finnish payment cards totalled EUR 1.3 billion in the first quarter of 2024, which was 12% more than in the first quarter a year earlier. The aggregate value of card transactions on Finnish payment cards outside the EU was EUR 0.4 billion in the first quarter of 2024.

Cards issued in other euro area countries than Finland were used to make a total of EUR 206 million of card payments in Finland in the first quarter of 2024, which was 11% less than in the first quarter last year. In the first quarter of 2024, cards issued outside the EU were used to make a total of EUR 0.2 billion of card payments in Finland, or 2% less than in the same period a year earlier.

The total number of credit transfers made in the first quarter of 2024 was 307 million, which was 2% more than a year earlier. At the same time, the value of credit transfers (EUR 932.4 billion) declined 5% from the first quarter 2023.

The figures discussed in this news release have been published in the new payment statistics dashboard. The contents of the dashboard will be extended later.

For further information, please contact:

Tia Kurtti, tel. 09 183 2043, email: tia.kurtti(at)bof.fi

Tuomas Nummelin, tel. 09 183 2373, email: tuomas.nummelin(at)bof.fi.

The next quarterly payment statistics release will be published in September 2024.

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MIL OSI Economics