Google+ Followers

Wednesday, 1 October 2014

Ireland's Cards and Payments Industry: Emerging Opportunities

Ireland's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape examines the increase in debit card usage is due to the switching of payment methods for goods and services, from checks to debit cards.





The increase in debit card usage is due to the switching of payment methods for goods and services, from checks to debit cards. The National Payments Plan initiative in 2013, e-Day, will further encourage the use of debit cards over checks. This will encourage small and medium-sized enterprises (SMEs), which accounted for 60% of Ireland’s total check usage to use debit cards. Furthermore, rising credit card debt shifted consumer’s preference towards debt-free financial products, and supported the growth of debit cards.


Highlights


Improvements to banking infrastructure such as the increased installation of point-of-sale (POS) terminals in merchant outlets drove the growth. In terms of transaction value, payment cards valued EUR49.1 billion (US$65.1 billion) in 2013, after registering a review-period CAGR of -0.22%. However, it is expected to expand over the forecast period (2014–2018), at a CAGR of just over 3%. 

In terms of transaction value, debit cards accounted for just fewer than 78% share in 2013, which is expected to rise further over the forecast period.

The banking sector transformed and adopted new technologies during the review period, which helped enhance customer experience by simplifying and speeding up many banking activities. Allied Irish Banks (AIB) took a vital step via its Learn About Banking (LAB) store. LAB is a high-street learning and research store which enables customers to understand the benefits of new banking technology. It collects feedback from users to understand their preferences and improve the service.





Related Reports