Central Bank notes rise in cryptocurrency spending as overall value of card payments totals €8.75bn

February saw quasi cash spending rise by almost 5% to over €13.5m, the Central Bank of Ireland found

The Central Bank said Irish consumer spending on cryptocurrencies closely tracks global events, increasing notably following the 2024 election of US President Donald Trump. 

The value of total card payments grew robustly over the past 12 months, with the Central Bank of Ireland pointing to a resurgence in cryptocurrency spending among Irish consumers. 

New figures released by the regulator on Tuesday found that while overall monthly spending on financial services fell by almost 10% in February, "quasi cash" - a key contributor of which is cryptocurrency purchases - rose steadily.

February saw quasi cash spending rise by almost 5% to over €13.5m, the Central Bank noted. 

However, year-on-year spending declined sharply by more than 31%, with the average transaction amounting to €129.71, down over 18% from €158.52 compared to the same period last year.

The Central Bank also noted that Irish consumer spending on cryptocurrencies closely tracks global events, increasing notably following the 2024 election of US President Donald Trump. 

The regulator said spending increased to more than €24m in November 2024, the month Trump was elected, rising further to almost €26m in December and peaking at €26.02m in January 2025. 

Spending subsequently declined gradually throughout the remainder of 2025, the Central Bank said, and remains low in 2026 in comparison to year-on-year spending. However, on a monthly basis, spending on cryptocurrencies rose by 5%. 

The Central Bank reported that the overall value of card spending totalled €8.75bn in February, representing a monthly decline of over 6%, with transaction volumes also down over 2% compared to January. 

On an annual basis, however, both value and volume demonstrated robust growth, rising by 7.8% and 6.8% respectively.

The regulator also noted a significant decline in spending on memberships, which fell by over 12% to €78.6m in February compared to the previous month. However, annual spending rose notably, growing by just under 13%.

Membership clubs accounted for the largest share of this category at €52m, down over 11% month-on-month. The Central Bank said this high spending value is typical early in the year, as consumers pay annual membership fees for activities such as golf, tennis, and rowing clubs.

When compared to February 2025, spending in this category has shown strong growth, rising by 10%, the regulator found.