Value and number of contactless payments grew in the second quarter of 2024

The second quarter of 2024 saw the highest quarterly value of card payments on record since 2022 at EUR 19.0 billion, i.e. EUR 0.5 billion above the previous peak. This represents continuation of a long-term upward trend. In the second quarter of 2024, Finnish payment cards were used to make a total of 635 million card payments, i.e. 7% more than in the corresponding period a year earlier.

The aggregate value of contactless payments made in the second quarter of 2024 was EUR 6.8 billion, 18% more than in the corresponding period a year earlier. In the second quarter, a total of 402 million card payments were made using the contactless feature, 10% more than in the second quarter of 2023. In comparison with the first quarter, the number of contactless payments also increased by 62 million (18%), and the aggregate value grew by EUR 1.2 billion (22%) in the second quarter of 2024.

A total of 106 million remote card payments were initiated on a computer or mobile device in the second quarter of 2024, i.e. 20% more than in the same period last year. The aggregate value of remote card payments (EUR 4.1 billion) grew 19% year-on-year.

The number of card payments made using a microchip or magnetic strip decreased by 16% year-on-year to 127 million transactions in the second quarter of 2024. Their aggregate value also decreased by EUR 0.5 billion (6%) year-on-year to EUR 8.0 billion in the second quarter of 2024.

Cards issued in other euro area countries than Finland were used to make card payments totalling EUR 158 million in Finland at domestic[1] payment terminals in the second quarter of 2024, i.e. 15% less than in the corresponding period last year.

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:

Olli Tuomikoski, tel. +358 9 183 2925, email: olli.tuomikoski(at)bof.fi,

Tia Kurtti, tel. +358 9 183 2043, email: tia.kurtti(at)bof.fi

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

[1] In Finland, there are also payment terminals of foreign cross-border providers, and payments at these terminals are not included in the Bank of Finland’s statistics on received card payments.