Debit card usage has more than quadrupled since 2005 while cheque usage has almost halved in the same period, acording to the Irish Payment Services Organisation (IPSO).

Fewer than 70m cheques were used in Ireland in 2013, compared to 132m cheques in 2005.

Irish consumers are still some of the highest users of cash in the EU - making an average of almost €4,500 in cash withdrawals per capita in 2013. That’s the second highest in the EU.

However, the volume of cash being paid out of ATMs in Ireland dropped by €8.3bn, from €28.7 billion in 2008 to €20.4bn in 2013.

Debit card purchases grew by 10% to to 341m purchases and a there was a 14% rise in the value of debit card sales to €17.6bn, up from 309m and €15.4bn respectively in 2012.

Credit cards saw a decline of just under 5% in 2013. This mirrors a trend in many countries arising from a growing preference for debit cards.

In total there are 2m credit cards in use in Ireland and over 4.3m debit cards.

A total of €28bn was spent on payment cards in Ireland last year, 35% higher than the total value of cash withdrawn from ATMs which was €20.4bn.