The report titled “Payments in Ireland 2017: What Consumers Want”, provides a comprehensive analysis of payments market overview, digital-only banks, cashless transaction options, MasterCard evolution, introduction of digital economy, technological advancements in payments market, leading players in Ireland’s payment market, and the future of payments market in the country.

Payments Market Overview: Majority of the Ireland consumers prefer cash as a perfect instrument for payments and it accounts for more than half of the total payment transaction volume. The extensive use of cash in the country is expected to decrease the growth of electronic payments. Ireland government has proposed many initiatives to encourage card payments, contactless payments, digital and mobile wallets payments to reduce cash transactions. Ireland banks are attracted towards low-cost channels such as mobile and internet banking to offer their products and services. The development of digital-only banks will encourage the consumers to shift towards electronic payments options. A Germany-based mobile-only bank has launched its operations in Ireland and has encouraged consumers to open a current account by signing up via video chat or online. It was estimated that the growth in e-commerce transactions will drive growth in the payment card market, because, debit and credit cards remain a preferred choice for online payments among Irish consumers.

Technological Advancements: The former domestic debit card operator in Ireland was Laser, which was the dominant debit card scheme provider until the year 2012 in the country. However, it was gradually overtaken by Visa and MasterCard. Laser ceased its operations completely in the year 2014. By the year 2015, MasterCard entered into a partnership with Bank of Ireland and is the sole credit card provider. As a result, almost all the banks Visa credit cards were replaced gradually with MasterCard-branded credit cards. Irish consumers are still adjusting to both the positive and negative effects of digital technologies on their personal lives. The introduction of digital economy in Ireland has raised its worth in Ireland’s GDP and this indicates that a continuing growth will be observed in payments category for the next few years.

There are various trends in payments market in Ireland that involve technology which improves consumer payment experience using mobile devices, or the infrastructure that promotes digital payments. Finger print reader-equipped devices are utilized in the payments market to improve the customer experience. The biometric application creates more efficient and secure ways of making payments, and accessing secure bank websites. Almost all the smartphones are equipped with Artificial Intelligence and machine learning which will improve the ability to anticipate consumer needs and also enhances payment applications. The launch of 5G is set to change the digital landscape and enables the banks to communicate with customers in real time.

Leading Players in Payments Market in Ireland: Irish consumer payments market witnesses a disruption because consumers are using more powerful, faster-connected and better-specified digital devices to make payments. This growing harmonisation and integration of technologies is transforming both the way consumers make payments and how payments market needs to operate.  Advanced mobile technologies are powerful engines for a technological change in payments sector. Smartphones are supporting the growth of digitalisation in payments market along with automation and augmentation. The leading players in the payments market in Ireland are Allied Irish Bank, Bank of Ireland, Ulster Bank, Permanent TSB, Avantcard, Visa and Mastercard.

It was observed that the technology is currently being developed to make payment services and transit payments even more seamless. Ireland is a region leader in terms of payments and also shares the changes in the payments market with IoT, biometric identification and social media. Ireland population has accepted and adopted contactless payment cards. With proper education, improvements to the security features on the merchant and issuer side, consumers are more comfortable using such cards. Irish consumers will witness less cash, and adoption of payment cards will increase drastically. Retailers and micro retailers will increasingly adapt to the payment cards in the next five years such that a card would not be need for shopping. Internet of Things plays a major role in connecting devices and all of the connected devices will all be able to make transactions on consumers’ behalf.

Way Forward in Payments Market in Ireland: Banks in Ireland are 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 was observed in the payments market in Ireland. This new trend has encouraged the growth of online payments using various cards offered by the financial institutions within the country. The growing new trends will pave way for more opportunities in the payments industry in Ireland over the coming years.

To know more, click on the link below:

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/payments-in-ireland-2017-what-consumers-want/142699-93.html

Key Topics Covered in the Report:

Irish Payment Market Report
Irish Payment Market Analysis
Irish Payment Cards Market
Adoption of Cardless and Contactless Payments in Ireland
Adoption of Payment Cards by Retailes and Micro-retailes in Ireland
Leading Players in Ireland’s Payment 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
P2P payments Ireland
Online Payment channels Ireland
Debit cards market Ireland
Credit card demand in Ireland
Credit card demand future Outlook Ireland