Payments in Ireland 2017: What Consumers Want
Payments in Ireland 2017: What Consumers Want, report examines the consumer payments market in Ireland, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. The report also examines the main regulatory players overseeing the market.
Cash has been a preferred instrument for consumer payments, accounting for 52% of the total payment transaction volume in 2017. However, its use is expected to decrease as electronic payments grow. Government initiatives to encourage card payments, a surge in contactless payments, and consumer preference for emerging payments, such as digital and mobile wallets, are all expected to reduce cash’s share in favor of electronic payments over the forecast period (2017e-21).
Banks in Ireland are also increasingly turning towards low-cost channels such as mobile and internet banking to offer products and services. The emergence of digital-only banks is likely to accelerate the shift towards electronic payments in Ireland. The Germany-based mobile-only bank Number26 launched operations in Ireland in December 2015, allowing consumers to open a current account by signing up via video chat or online. Furthermore, growth in e-commerce transactions will drive growth in the payment card market, as debit and credit cards remain the preferred choice for online payments among Irish consumers.
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