New figures from the Central Bank show that a total of 4.14 billion payment transactions were recorded last year, an increase of 36% on 2022.
But the value of these transactions slipped by 1% to €10.38 trillion from €10.48 trillion in 2022.
The Central Bank noted that domestic payments accounted for the highest value of transfers sent (€3.665 trillion), which made up 35% of all transactions sent last year.
Today's figures show that the volume of credit transfers increased by 105% to 978 million from 476 million in 2022. Despite the big increase, the value of these transactions fell by 1.3% to €9.94 trillion from €10.07 trillion the previous year.
According to the Central Bank, electronic transfers are the most popular method of credit transfers with value and volume totalling 98.8% and 95.7% of all total credit sent last year.
Direct debits also remain a popular means of payment, with their value reaching €198.9 billion in 2023 - an 8.4% increase from 2022's total of €183.5 billion.
The volume of direct debits also increased by 2.2% in 2023 to 181.8 million from 177.8 million in 2022.
But in value and volume terms, cheques declined by 8.8% to €5.2 billion and 11.6% to 2 million respectfully, between 2023 and 2022.
The Central Bank said a significant contributor for the decline in cheques was the exit of both Ulster Bank and KBC Bank Ireland from the Irish market.
