Ireland Country Report

Ireland Payments Market | Country Report

Table of Contents

A comprehensive overview of the cards, payments and consumer banking market in Ireland.

What you will learn from this report:

• How the popular enthusiasm for debit cards has affected the Irish market
• The key relationships shaping market shares for global schemes
• How stamp duty on credit cards in Ireland affects cardholding patterns
• The transformative role of contactless
• How alternative forms of Ireland digital payment are progressing

IRELAND CARDS & PAYMENTS REPORT | KEY FACTS

• Ireland's economy has recovered well in recent years, posting the strongest growth figures in the European Union. However, uncertainty around Brexit continues to temper optimism.
• Retail banking, consumer finance and payments in Ireland are largely dominated by the two major domestic banks: Bank of Ireland and Allied Irish Banks.
• The entrance of credit unions into the current account market in October 2019 will increase competition. Credit unions are highly trusted by a large segment of the Irish population.
• There has been a clear shift away from cash to debit cards in Ireland. Debit card purchase volume doubled between 2014 and 2018.
• Contactless has been rapidly adopted by Irish cardholders: half of all card-present transactions are now contactless.
• E-commerce is another driver of growth in card volume. Over a third of spending on Irish cards takes place online.
• Following a lost decade, the Ireland credit cards market is showing signs of life, with rewards offerings improving and competition returning.
• The market for credit cards is one of the most concentrated in Europe. At the end of 2018, the top five issuers had an estimated 97 per cent market share of all credit cards in issue.
• Mastercard is the leading credit card network, having broken Visa's long-held dominance by securing the Bank of Ireland portfolio in 2016.
• Courtesy of agreements with most of the major banks, Visa dominates the debit card market. However, Mastercard has become the partner of choice for many of the newer entrants, such as digital banks and credit unions.