A new report from the Central Bank of Ireland reveals a steady demand for ATM cash transactions.
It states that the average value of ATM withdrawals is broadly unchanged when compared to pre-pandemic levels.
Average monthly withdrawals amounted to €1.51bn per month between January 2015 and February 2020.
Following the introduction of a strict lockdown due to the onset of the Covid-19 pandemic in mid-March 2020, withdrawals dropped sharply, before recovering.
The report reveals that monthly ATM withdrawals averaged €1.04bn from June 2020 to June 2022.
The research also finds that the value of withdrawals has been increasing in line with higher rates of inflation.
"The amount withdrawn in June 2022 was 7% higher than in September 2021, reflecting the percentage value increase in the Consumer Price Index," the report states.
In terms of volume, the report finds that the number of ATM withdrawals also declined in spring 2020.
However, the number of monthly ATM withdrawals has been rising since January 2021.
During that month, 5.23 million withdrawals were made, compared with 7.95 million withdrawals in June 2022.
"The value and volume of monthly withdrawals appears to reflect the stringency of public health measures in place to contain the spread of Covid-19," the report states.
"Economic activity, particularly in physical locations where cash is used, would have been constrained during periods of tighter restrictions.
"Accordingly, during periods when restrictions were relaxed, ATM activity increased," the report states.
Reacting to the report, Kevin Johnson, CEO of Credit Union Development Association said the report makes a strong case for the fact that "paper money" still plays a large role in people's day to day lives.
"It looks like it will continue to do so for some time to come," he said.
"Our position is that the retention of cash services in local communities is critical and is a national issue that needs forward-looking centralised planning," he added.
