Transactions worth €3.6bn were carried out through debit card in December 2017 in Ireland, a surge of 15%compared to the same month in 2016, according to statistics published by the Bank of Ireland.

At €985.09m, credit card transactions registered a marginal rise of 2% year-on-year compared to €966.03m in December 2016.

Debit card transactions accounted for 57% of the total new spending across all cards, the repost says.

The statistics further revealed rise in retail, services and social debit card expenditure over the year to December 2017. During the month, debit card PoS purchases were found to be more than three times the value of credit card spending.

Of the overall €1.34bn e-commerce spending, which accounted to 21% of new transactions on all cards, €949m was through debit cards and €389m via credit cards.

The figures were similar for expenditure outside the country, with total value of debit card spending being 2.8 times the value of equivalent credit card expenditure.

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A statement by the Bank of Ireland read: “Debit card expenditure abroad during 2017 amounted to €4.4bn, an increase of 17% on the 2016 figure.

“Credit card expenditure outside Ireland remained relatively stable with a 1% increase in 2017 compared with the 2016 figure.”