Payments Statistics: Second Half Of 2024

ECB

Total number of non-cash payments in the euro area in second half of 2024 increased by 8.6% to 77.6 billion compared with second half of 2023, with total value rising by 3.8% to €116.9 trillion
Card payments accounted for 57% of total number of non-cash payments in second half of 2024, credit transfers for 21%, direct debits for 15% and e-money payments for 6%^[1]
Statistics are also collected for cheques, money remittances and other payment services, which together accounted for around 1% of the total number and for 1% of the total value of non-cash euro area payment transactions in the second half of 2024.
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Number of contactless card payments in second half of 2024 increased by 15.5% to 29.5 billion compared with second half of 2023, with total value rising by 15.1% to €0.8 trillion
Number of payment cards in circulation at the end of second half of 2024 increased by 8.2% to 750.0 million compared with second half of 2023, averaging 2.1 payment cards per euro area inhabitant, with an average value of around €39 per card transaction
Around 56.1 billion transactions processed by retail payment systems in the euro area in second half of 2024, worth €26.4 trillion

The European Central Bank (ECB) today published statistics on non-cash payments for the second half of 2024.^[2]

The published data have been collected in accordance with Regulation ECB/2020/59 amending Regulation ECB/2013/43 on payments statistics, which came into effect on 1 January 2022. Regulation ECB/2020/59 increased the frequency of data collection from annual to semi-annual. Data for some high-level indicators as well as additional details on card payments are collected with quarterly frequency. Data for the second half of 2024 are flagged as provisional and may be subject to revisions.

The statistics comprise indicators on access to and use of payment services, payment cards and payment terminals by the public, as well as volumes and values of transactions processed through retail and large-value payment systems. This press release focuses on developments in the euro area as a whole, while statistics are also published at country level for all euro area and most non-euro area EU member states. EU and euro area aggregates are also published.^[3]

At the time of reporting the semi-annual data for the second half of 2024, some non-euro area EU countries were still in the process of implementing the requirements of Regulation ECB/2020/59. As such, EU aggregates do not cover all EU countries. Further information on which EU countries are reporting partial scope can be found in the country-specific methodological notes on the ECB Data Portal.

Payment services^[4]
SEPA instruments are included in the respective categories. Information on these instruments can be found on the ECB's website.

In the second half of 2024, the total number of non-cash payment transactions^[5]

Total non-cash payment services exclude cash-withdrawals and include credit transfers, direct debits, card payments with cards issued by resident payment service providers, e-money payment transactions with e-money issued by resident payment service providers, cheques, money remittances and other payment services. A wider total that includes cash withdrawals is also available on the ECB Data Portal.

in the euro area increased by 8.6% to 77.6 billion compared with the second half of 2023, with the corresponding total value rising by 3.8% to €116.9 trillion. Card payments accounted for 57% of the total number of transactions, while credit transfers accounted for 21%, direct debits for 15% and e-money payments for 6%. The remaining 1% comprised cheques, money remittances and other payment services (see annex, Table 1).

Chart 1

Use of the main payment services in the euro area

Source: ECB.
Note: Data have been partially estimated for periods prior to 2010, as methodological changes were implemented in those years and some data are not directly available. The historical estimations done by the ECB ensure comparability of figures over the entire period. Statistics were also collected for cheques, money remittances and other payment services which together accounted for 1% of the total number of non-cash euro area payment transactions in the second half of 2024.

Data on payment services

Card payments

In the second half of 2024 the number of card payments within the euro area increased by 11.3% to 44.3 billion compared with the second half of 2023. The corresponding total value of card payments rose by 9.4% to €1.7 trillion, reflecting an average value of around €39 per transaction. The split between remote and non-remote^[6]

Remote card payments are payment transactions initiated using the internet or a device that can be used for distance communication, whereas non-remote card payments are initiated at terminals, including those using contactless technology.

transactions in the total number of card payments was 18% to 82%, while the split in terms of value was 28% to 72%. The number of contactless card payments initiated at a physical electronic funds transfer point of sale terminal increased by 15.5% to 29.5 billion compared with the second half of 2023, with the corresponding total value rising by 15.1% to €0.8 trillion. As a result, their share in the total number of non-remote card payments accounted for 81%, while the corresponding share in terms of value was 65%. At the national level, Lithuania continued to have the largest share of card payments as a percentage of the total number of non-cash payments in the second half of 2024, at around 79% (see annex, Table 2).

Credit transfers^[7]
Credit transfers also include SEPA instant credit transfers.

In the second half of 2024 the number of credit transfers within the euro area increased by 7.3% to 16.2 billion compared with the second half of 2023, and the corresponding total value rose by 3.6% to €108.3 trillion. As higher-value payments are usually made by credit transfer^[8]

The ECB payments statistics on credit transfers involving non-monetary financial institutions also include those between corporations and other business entities, which significantly contribute to the high value of the total credit transfers in the euro area.

, they accounted for 93% of the total value of non-cash payments. The ratio of transactions initiated electronically to those initiated using paper forms was around 16 to 1, while in terms of value the ratio was around 12 to 1. At the national level, Latvia continued to have the largest share of credit transfers as a percentage of the total number of non-cash payments in the second half of 2024, at around 36% (see annex, Table 2).

Direct debits

In the second half of 2024 the number of direct debits within the euro area increased by 3.9% to 11.4 billion compared with the second half of 2023, and the corresponding total value rose by 8.2% to €5.4 trillion. Of the total number of direct debits, those with an electronic mandate accounted for 12% whereas those with consent given in other forms accounted for 88%, while in terms of value the split was 14% to 86%. At the national level, Germany continued to have the largest share of direct debits as a percentage of the total number of non-cash payments in the second half of 2024, at around 32% (see annex, Table 2).

E-money payments

In the second half of 2024 the number of e-money payment transactions within the euro area increased by 2.6% to 4.6 billion compared with the second half of 2023, and the corresponding value rose by 15.8% to €0.3 trillion. Of the total number of e-money payment transactions, those made with e-money accounts accounted for 95% whereas those made with cards on which e-money can be stored accounted for 5%, while in terms of value the split was 93% to 7%.

Cards and accepting devices

At the end of the second half of 2024 the number of cards with a payment function^[9]

Cards with a payment function exclude cards having only an e-money function.

had increased by 8.2% to 750.0 million compared with the number at the end of the second half of 2023. With a total euro area population of around 353 million, this implies an average of 2.1 payment cards per euro area inhabitant.

At the end of the second half of 2024 the total number of automated teller machines (ATMs) in the euro area had decreased by 3.1% to around 253.7 thousand compared with the number at the end of the second half of 2023. Of these, 33% accepted contactless transactions.

At the end of the second half of 2024 the total number of point of sale (POS) terminals had increased by 7.9% to around 20.7 million^[10]

Due to multi-acquiring of card accepting devices, the number of ATM and/or POS terminals is affected by double counting in some euro area countries. This has been flagged in the country-specific methodological notes of the affected countries. The concept of multi-acquiring refers to a business case where more than one payment service provider acquires transactions at the same card accepting device.

compared with the corresponding number at the end of the second half of 2023. Of these terminals, 92% accepted contactless transactions.

Payment systems^[11]

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Payment services[4]SEPA instruments are included in the respective categories. Information on these instruments can be found on the ECB's website.