Credit and debit card spending fell by 5% last week

Total credit and debit card spending last week decreased by 5 per cent, or €91 million, when compared to the previous week, according to the Central Bank.

The “other” sector recorded the largest fall in spending, declining by 14 per cent compared to the previous week, while the groceries, accommodation and restaurant sectors all recorded modest increases.

Total spending in February to date increased by 28 per cent, or €686 million, compared to the same period last year.

Separately, the value of contactless payments rocketed 48.3 per cent in 2021, while use of cheques hit a new low, according to figures from Banking & Payments Federation Ireland (BPFI).

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The industry body said online and mobile banking payments increased 10.4 per cent to 131 million last year, and have now swollen by almost 85 per cent over the past five years.

Consumers continue to reduce their use of cash and increase both their online spending and use of contactless payments in physical stores, it said.