Ireland Payments Industry Adapting eCommerce Gateways and Mobile Payment Methods to Boost Cashless Economy: Ken Research

The report titled “Payments Landscape in Ireland: Opportunities and Risks to 2021”, provides a comprehensive analysis of payments industry overview, payments industry undergoing infrastructure modernization, introduction of technological advancements in payments market, leading players in Ireland’s payment market, and the future of payments landscape in the country.

Payments Landscape Overview: A payment industry comprise of many different entities relying on each other to operate efficiently and securely. Any payments industry is a network that communicates payment information from one point to another point. The payment process always starts with card brands irrespective of a consumer or a merchant. The card brands allow the merchant to issue co-branded credit cards to consumers and the acquirers to acquire merchants who accept credit cards. The acquirer authorizes card transactions and connects issuing banks. There are various acquires such as Visa, MasterCard, Discover, American Express, Diners Club and many more. Few acquirers process payments by themselves, while other acquirers allow a third-party to use their services and innovative payment technology to add more value to merchants.

Modernization of Payments Infrastructures:  Over the past few years it was observed that there is an influx of various companies entering the Irish payments industry utilizing eCommerce gateways and mobile payment providers. This trend exhibits significantly that the payments landscape in Ireland has expanded. There are an increasing number of Fintech (financial technology) companies in the payments industry in the recent years. This assured the merchants with a wider variety of selling methods. Payment market is a broad mix of payment vendors and payment technology solutions. The payments industry is currently undergoing infrastructure modernization required for nonbank innovators and addresses the growing customer needs. Over the past few years, more than 15 countries have modernized their payments infrastructures and many other countries are in the planning stage. It is a costly affair for both the system and at the bank level. Cross-border payments inefficiencies are opening doors for new players in the payments market.

Ireland’s Payments Landscape: The payments industry in Ireland includes credit transfers, direct debit, cash, payment cards, and cheques as payment instruments. In the year 2016, the Irish government replaced stamp duty with a fee on ATM cash withdrawals. The surcharge is to discouraging the use of debit cards at ATMs and encourage POS transactions. All the debit card transactions at POS terminals are free of charge. Irish consumers are accepting the contactless technology and the government has increased the contactless payment limit. According to Visa, more than 3 million contactless transactions on Visa debit cards were made every week in Ireland witnessing a drastic growth in the payments market. The increase in contactless spending limit and growing adoption of contactless POS terminals by retailers are the major factors affecting the growth in the contactless payments. The leading players in Irish payments market are Allied Irish Bank, Bank of Ireland, Ulster Bank, Permanent TSB, Avantcard, Visa and Mastercard.

It is expect that the payments industry in Ireland will continue to grow at a moderated yet healthy rate during the next five years. Meanwhile, the growth in the payments market will be a rebalancing of revenue sources, and powerful disruptive forces will begin to reshape the Irish payments landscape. All the major banks in Ireland such as Kredietbank, ABB Insurance, CERA, (KBC Bank), Allied Irish Bank (AIB), Permanent TSB, Bank of Ireland (BOI), and Ulster Bank offer contactless cards.

Way Forward in Payments Landscape in Ireland: Ireland is deploying tools such as P2P tools, mobile payment tools, and contactless cards to encourage digital payments in the country. The process of digitalization and introduction of embedded technological applications has encouraged the growth of online payments using various cards offered by the financial institutions. The innovative growing new trends will pave way for more opportunities in the payments industry in Ireland over the coming years.

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Key Topics Covered in the Report:

Irish Payment Landscape Market Report
Ireland Debit Card Market Report
Ireland Credit Card Market Report
Ireland Pre-Paid Cards Market Report
Ireland Debit Card Market Analysis
Ireland Credit Card Market Analysis
Ireland Pre-Paid Cards Market Analysis
Technological Advancements In Ireland Payments Market
Leading Players In Ireland Payments Market
Ireland bill Payment Market Research
Ireland Money Remittance Industry
Alternative payment methods in Ireland
Ireland Cards and payments industry trends
Consumer payment industry Ireland
Ireland Credit Card industry analysis
Ireland plastic money market
Ireland Credit cards market research
Ireland cards and payments market research report
M-commerce Market Ireland
Ecommerce payment industry Ireland
Ireland payment industry
Wallet payment market Ireland
Plastic Card Money Ireland
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Ankur Gupta, Head Marketing & Communications

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