Use of payment cards rises by 11% in 2022

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A total of 2.1 billion card payments were made using Finnish payment cards in 2022, which was 11% more than in 2021, said the Bank of Finland in a press release on Friday.

The total value of card payments grew 12% from 2021 to EUR 64 billion.

In 2022, the most common type of card in payment transactions was a debit card, which was used in 90% of all card payment transactions, accounting for 82% of the total value of card payment transactions.

A computer or mobile device was used to make 295 million electronic transactions, with a total value of EUR 11 billion. In 2022, the number of these transactions increased by a third, and their total value grew 41% from the previous year.

Ninety percent of these payment transactions were made in e-commerce. Other points of transaction for remote payments include peer-to-peer payments initiated using a mobile payment solution.

The growth of contactless payment levelled off in 2022, and electronic card payments using the contactless feature of a payment card accounted for 60% of all card payment transactions.

A year earlier, the corresponding share was 59%. In 2022, the average value of contactless payment transactions2 was EUR 15.4.

The number of electronic card payments using a microchip or magnetic strip in 2022 was 548 million.

However, in terms of aggregate value, they continued to be the largest type of card payments in 2022 (EUR 33 billion), accounting for 52% of the total value of all card payments.

Terminals located in Finland were used to receive a total of 1.5 billion card payments with a total value of EUR 44 billion in 2022.

The majority (98%) of the card payments received were made using domestic payment cards. As to the rest of the card payments received, the card had been issued in the euro area in 1% of the payments and in other countries in 1% of the payments. Contactless payment was the most common way of using the card also in payments on foreign cards.

Finnish cards were used domestically to withdraw a total of EUR 7.5 billion of cash in 2022.

By comparison, a total of EUR 6.6 billion was withdrawn in 2021 and EUR 10.3 billion in 2019.

Meanwhile, Finnish cards were used to withdrawn cash abroad to the value of EUR 328 million, which was barely half of the average annual amount in 2017–2019.

A total of 1.2 billion credit transfers were made from Finnish accounts in 2022. The total value of these credit transfers3 was EUR 4,071 billion, with single electronic credit transfers accounting for 81% of the total. Credit transfers related to e-commerce accounted for 9% of the share of single credit transfers.

  •  Card payments
  •  Rise
  •  2022


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