Value and number of remote card payments increased in the third quarter of 2023
In the third quarter of 2023, a total of 99 million card payments were initiated on a computer or mobile device, which was 28% more than in the same period a year earlier. The aggregate value of remote card payments (EUR 3.9 billion) grew 35% year-on-year.
In the third quarter of 2023, the aggregate value of contactless payments was EUR 6.2 billion, 14% more than in the corresponding period a year earlier. At the same time, a total of 397 million card payments were made using the contactless feature, i.e. 11% more than in the third quarter of 2022.
The number of card payments made using a microchip or magnetic stripe increased by 1% from the second quarter to 137 million transactions in the third quarter of 2023. In terms of aggregate value, payments made using a microchip or magnetic strip declined by EUR 155 billion (2%) from the second quarter to EUR 8 billion in the third quarter of 2023.
All in all, Finnish payment cards were used to make 0.6 billion card payments in the third quarter of 2023, which was 10% more than in the same period last year. The aggregate value of card payments amounted to EUR 18.5 billion in the third quarter, i.e. 4% more than a second quarter of year 2023.
Value of card transactions in euro area countries increased
The aggregate value of transactions made in other euro area countries using Finnish payment cards in the third quarter of 2023 was EUR 1.5 billion, or 21% more than in the third quarter a year earlier. The aggregate value of payment transactions on Finnish payment cards outside the EU was EUR 0.4 billion in the third quarter of 2023.
In the third quarter of 2023, the number of card payments made in Finland on cards issued in other euro area countries than Finland increased 16% quarter-on-quarter. The aggregate value of these payments was EUR 0.2 billion. Cards issued outside the EU were used in card payments worth EUR 0.2 billion in Finland in the third quarter of 2023, marking a year-on-year decline of 30%.
The total number of credit transfers made in the third quarter of 2023 was 306 million, i.e. 3% more than in the same period a year earlier. The total value of credit transfers in the third quarter was EUR 884 billion, down 4% quarter-on-quarter. The total value of credit transfers to Finnish counterparties declined 4% from the previous quarter to stand at EUR 704 billion in the third quarter of 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. +358 9 183 2043, email: tia.kurtti(at)bof.fi
- Tuomas Nummelin, tel. +358 9 183 2373, email: tuomas.nummelin(at)bof.fi.
The next quarterly payment statistics release will be published in March 2024.
The Bank of Finland is the national monetary authority and central bank of Finland. At the same time, it is also a part of the Eurosystem, which is responsible for monetary policy and other central bank tasks in the euro area and administers use of the world’s second largest currency – the euro.
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