It’ll be no surprise to learn that the use of cash dropped by half last year compared to 2019. With lockdowns keeping everyone out of the shops, restaurants, and pubs closed, no foreign travel, and cash use discouraged to avoid infection, we all embraced different forms of payment.
The latest data from the Central Bank shows that ATM withdrawals by Irish residents fell by 40% in 2020 compared to the previous year. The data also revealed that the value of ATM withdrawals fell by 32% from the previous year to €14.7bn in 2020.
Mr Flynn says: “The figures from the Central Bank have also confirmed just how popular online shopping was throughout last year, when getting your retail fix just wasn’t possible on the high street.”
The aforementioned fintechs remain the only two digital alternatives to traditional banking. You can open an account in either Revolut or N26 in minutes on your phone, and both offer largely free day-to-day banking. There’s no monthly or annual maintenance fee with either provider and there’s no charge for chip and pin or contactless transactions.