Contactless was the most prevalent way of card payment in Q1/2023

In the first quarter of 2023, a total of 513 million card payments were made using Finnish payment cards, which was 7% fewer than in the last quarter of 2022. The aggregate value of card payments also decreased 10% from the last quarter of 2022 to stand at EUR 15.1 billion in the first quarter of 2023.

Number of contactless payments increased

In the first quarter of 2023, a total of 315 million card payments were made on a contactless basis, 20% more than a year earlier. The aggregate value of contactless payments was EUR 4.9 billion in the first quarter of 2023, which was 21% more than in the corresponding period a year earlier.

A total of 79 million card payments were initiated on a computer or mobile device in the first quarter of 2023, which was 29% more than in the first quarter last year. The aggregate value of remote card payments (EUR 3 billion) was 44% higher than in the corresponding period a year earlier.

The number of card payments made using a microchip or magnetic strip decreased 11% from the last quarter to 118 million transactions in the first quarter of 2023. In terms of aggregate value, payments made using a microchip or magnetic strip declined by EUR 1.2 billion (15%) from the last quarter to EUR 7 billion in the first quarter of 2023.

Value of card payments on Finnish cards in other euro area countries increased

The aggregate value of payments made in other euro area countries using Finnish payment cards totalled EUR 1.1 billion in the first quarter of 2023, which was 29% 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 2023.

Cards issued in other euro area countries than Finland were used to make a total of EUR 231 million of card payments in Finland in the first quarter of 2023, which was 30% more than in the first quarter last year. In the first quarter of 2023, cards issued outside the EU were used to make a total of EUR 167 million of card payments in Finland, or 26% more than in the same period a year earlier.

The total number of credit transfers made in the first quarter of 2023 was 300 million, which was 5% more than a year earlier. At the same time, the value of credit transfers (EUR 1,013.4) also grew 5%. The total value of credit transfers to Finnish counterparties decreased by 6% from a year earlier to EUR 809 billion in the first quarter of 2023.

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.