Physical and online payments together above pre-COVID levels again

In 2022, the total number of payments in cash, with debit cards, iDEAL and credit cards – at the counter and online – increased over 16% compared to 2021. All these payments added up to 8.1 billion transactions. That is more than in 2019, the last year before COVID, when 7.73 billion payments were made at points-of-sale and online. The amount spent increased over 11%, totaling almost €282 billion.

Payments in physical shops, using debit cards and cash, caught up with online payments in the past year. The transaction volume increased by over 18%. The total number of online payments with iDEAL and credit cards, grew by 7%. Lifting COVID restrictions in physical shops has contributed to the recovery of debit card and cash payments at points-of-sale, although the number of POS payments is not yet as high as in 2019. Last year, one in five point-of-sale payments was in cash, similar to 2021.

Almost a third of all debit card payments is cardless

Cardless payments using a smartphone or smart watch are becoming increasingly popular. In December 2022, nearly 30% of all debit card payments were cardless, up 50% from the previous year. For just one in ten debit card payments the card is still inserted into the terminal.

Booming debit card payments in public transport

The number of debit card payments in buses and streetcars and in subway and railway stations increased by 65% in 2022. The introduction of checking in and out in public transport with debit and credit cards (OVpay) has contributed to this strong growth. This introduction will be completed soon year. After that, travelling with a payment card will be possible everywhere in the Netherlands.

Cash withdrawals on the rise again, after years of decline

The number of cash withdrawals at ATMs increased again in 2022, by 8% compared to a year earlier, after years of steady decline. The total amount withdrawn increased by 13%, to over €26 billion. Possible explanations for this increase are rising inflation and the end of COVID restrictions.

Instant Payments still growing

For single credit transfers, Instant Payments were already the ‘new normal’ in The Netherlands. Yet, the number of Instant Payments still grows, as they are increasingly used for business batch payments, such as monthly salary payments. Consequently, the number of instant domestic transfers between different banks increased by more than 12% in 2022, to 445 million transactions. In the coming years, Instant Payments are expected to be increasingly used for cross-border euro transfers.