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A comprehensive 2022 overview of the cards, payments and consumer banking market in Ireland, with clearsighted commentary backed by relevant data.
The commercial landscape is notable for the divergence between the limited range and nature of traditional bank offerings and the population's enthusiastic uptake of financial apps.
These provide instant transfers and innovative features, qualities long lacking in a pillar-bank hegemony that still depends on publicly funded support for viability.
Credit card profitability in Ireland is undercut by excise mandates but, with some market exits simplifying the scene, there seems room for adroit digital players to enter and build up a client base through crafted digital offerings.
How Ireland has coped with the twin threats of Covid and Brexit.
How a cash-intensive economy has moved to electronic and digital methods.
BNPL moves, including regulatory curbs.
The effects on payments of neobanks Revolut and N26.
Which revenue sources dominate the unique profit pool mix.
TABLE OF CONTENTS
Demographics and the economy
Irish cards market
Key retail banks and issuers
Acquiring and processing
Regulatory and other cards market information
Ireland Country Report Data Tables
(All 2016-25F unless otherwise stated)
1: Demographic and economic indicators.
2: Ownership of key consumer devices.
3: Internet usage by population.
4: Access points: 2016-23F.
5: Account penetration.
6: Consumer payment trends: 2016-23F.
7: B2C e-commerce payment methods: 2016-23F.
8: Total card payment metrics.
9: Contactless cards metrics.
10: Credit card numbers.
11: Total credit cards metrics.
12: Credit card profitability indicators.
13: Debit card numbers.
14: Debit cards metrics.
15: Prepaid/e-money cards metrics.
16: Mobile proximity payment metrics: 2017-25F.
17: Profit pool: including credit card numbers, billed volumes, outstandings, interest incomes, net interest revenues, merchant revenues, card fee revenues, other non-interest incomes, total revenues, net credit losses, operating expenses, total expenses, pre-tax profits, merchant service charges, rollover rates, APR, net credit losses to outstandings, operating costs to revenues, ROA (pre-tax profits to outstandings).
(All 2016-23F below unless otherwise stated)
18: Networks' credit card market shares.
19: Networks' credit card numbers.
20: Networks' credit card billed volume.
21: Networks' number of credit card transactions.
22: Networks' average credit card transaction value.
23: Credit card interchange fees by network.
24: Networks' debit card market shares.
25: Networks' debit card numbers.
26: Networks' debit card billed volume.
27: Networks' number of debit card transactions.
28: Networks' average debit card transaction value.
29: Debit card interchange fees by network.
30: Key credit card issuers' market shares by credit card numbers: 2018-23F.
31: Key issuers' market shares in credit card outstandings: 2018-23F.
32: Key debit card issuers' market shares by debit card numbers: 2018-23F.
33: Merchant acquirer credit card market share: 2022E.
34: Credit card merchant service charges: 2016-25F.
35: Merchant acquirer debit card market share: 2022E.
36: Debit card merchant service charges: 2016-25F.
37: Credit card issuer/issuing processor relationships: -
38: Credit card acquirer/acquiring processor relationships: -
39: Credit card issuing processor market shares by card numbers: 2022E.
40: Credit card acquiring processor market shares by the number of POS transactions: 2022E.
41: Online merchant acquirer market share: 2022E.
Demographics and Economy
Ireland's economy has coped well with the twin threats of Covid and Brexit, again posting some of the strongest growth figures in the European Union at the end of 2021.
Ireland has transformed rather quickly from being one of the most cash-intensive countries in Europe to one with a high penetration of electronic payments.
The Irish payment cards industry has enjoyed strong growth in both billed volume and transactions over recent years ... Of total card purchase volume, just over half was spent on retail purchases during 2021.
While mobile devices are extensively used to make e-commerce purchases, mobile-based payment services have not penetrated widely, even though three in four inhabitants owned a smartphone at the end of 2021.
With the market mired in a conservative lending environment, revenue opportunities for issuers are narrowing. The popularity of instalment-based lenders such as Klarna and Humm is also presenting more competition.
Ireland's credit cards market is represented by two international brands: Visa and Mastercard. This debit cards market has undergone huge change since 2014.
Key Retail Banks and Issuers
Allied Irish Banks (AIB) and Bank of Ireland (BOI) are the leading retail banking players in the market. Both are partially state-owned.
Acquiring and Processing
The country's rapid adoption of card over the last decade or so has made it an attractive growth market for acquirers ... A steady increase in card volume has resulted in strong organic growth.
Cards are the leading online payment method in Ireland and face increasing, albeit limited, competition from alternative payment methods.
Regulatory and Markets Information
Stakeholders in the country's banking and payments system are represented by the Banking and Payments Federation of Ireland (BPFI), a strategic and technical support body.
AIB Merchant Services
Allied Irish Banks
Apollo Global Management
Bank of America
Bank of Ireland
Banking and Payments Federation of Ireland
BOI Payment Acceptance
Central Bank of Ireland
Central Statistics Office
Competition and Consumer Protection Commission
Digital Business Ireland
Educational Building Society
EML Payments Australia
European Banking Authority
Fidelity National Information Services
First Data International
International Monetary Fund
International Telecommunication Union
Irish Intercontinental Bank
Irish Life & Permanent
Irish Nationwide Building Society
Laser Card Services
Lithuanian Deposit Guarantee Scheme
Nova Information Systems
Post Office (UK)
Trustee Savings Bank
Reports delivering market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit for countries across Europe. A dedicated team of analysts and researchers use both primary and secondary source data and conduct in-depth interviews with senior industry executives and European experts.
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