researchFOLKS’ “Cards and Payments Market in Ireland” report offers a distinct range of possibilities in the market of payment cards along with the accurately validated statistics of operational cards in the market and their total transactional values. It suggests profitable marketing strategies considering the competitive landscape in the market, purchase trends, payments options in online trade and significant government frameworks impacting the overall payment cards market of Ireland.
Our report kindles the hidden opportunities with dependable information about different types of card transactions, volumes of cardholders, market proportion, current accounts, increase within the number of cards, credit cards outstanding balances, transactional values, details of the issuers at the side of available banking schemes and futuristic analysis of overall cards and payment marketplace in Ireland.
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Cards and Payments Market in Ireland – Highlights of the report:
The replaced flat annual stamp duty of €2.50 ($2.60) on ATM cards, and €5 ($5.30) on combinations of debit and ATM cards, irrespective of the frequency of use to a new tax structure which charges €0.12 ($0.13) per ATM cash withdrawal, with an annual cap of €2.50 ($2.60) on ATM cards, and €5 ($5.30) on combinations of debit card and ATM cards is aimed to increase the use of POS transactions and reduce ATM cash withdrawals.
The Irish government implemented a debit card interchange fee cap of 0.1%, which is 50% lower than the standard EU cap and the fee on credit card remains at the EU level of 0.3%. This regulation can hinder the profitability of card issuers and schemes but will help merchants save up to €36 Mn ($37.9 Mn) annually through card-based payments.
Irish consumer uptake of contactless technology is rising due to the increased contactless payment limit from €15 ($15.80) to €30 ($31.60). In March 2017, Visa announced that more than 3 million contactless transactions on Visa debit cards were made every week in Ireland and there is a growing adoption of contactless POS terminals by retailers. Almost all leading banks, including Kredietbank ABB Insurance CERA (KBC Bank), Allied Irish Bank (AIB), Permanent TSB, Bank of Ireland (BOI), and Ulster Bank offer contactless cards.
List of Companies mentioned in the report:
Allied Irish Bank
Bank of Ireland
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