DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "The Cards and Payments Industry in Ireland: Emerging Trends and Opportunities to 2020" report to their offering.
The 'The Cards and Payments Industry in Ireland: Emerging Trends and Opportunities to 2020' report provides detailed analysis of market trends in the Irish cards and payments industry.
The Irish government abolished stamp duty on debit card transactions effective from January 1, 2016 to reduce cash withdrawals at ATMs using debit cards. Before the abolition, consumers in Ireland paid an annual fee of US$3.3 (EUR2.5) for ATM cards and US$6.6 (EUR5) for a combination of debit and ATM card. The government replaced the duty with a new fee of US$0.16 (EUR0.12) for each cash withdrawal, in addition to the bank charges. However, there are no charges for debit card transactions at POS terminals. This initiative is anticipated to encourage debit card use at POS terminals.
Uptake of contactless technology among Irish consumers is growing. To encourage contactless transactions, the Irish government increased the contactless payment limit from US$16.7 (EUR15) to US$33.3 (EUR30) from October 31, 2015. On February 16, 2016, Visa Europe announced that 1 million contactless transactions on Visa cards are made every week in Ireland, as a result of the increased spending limit, compared to 2 million transactions per month in September 2015. Banks are also taking steps to encourage contactless transactions. For instance, in September 2015 Allied Irish Banks (AIB) announced plans to waive fees for contactless transactions for one year from the date of announcement.
The growing payment cards market has encouraged several mobile POS (mPOS) solution providers to enter the Irish market. The latest is the launch of a low-cost mPOS terminal by UK-based online solution provider Payleven (now SumUp) in March 2015. The mPOS terminal costs US$71.1 (EUR64). In October 2014, another UK-based online payment solution provider, Paysafe, partnered with domestic mPOS solution provider Handpoint to introduce mPOS terminals in Ireland. The terminals are compatible with Android and iOS smartphones and tablets, and can be linked via Bluetooth. The introduction of low-cost solutions is expected to encourage merchants to accept card-based payments, further driving payment card transaction volumes and values.
- Allied Irish Banks
- Bank of Ireland
- Ulster Bank
- Permanent TSB Group
- EVO Payments
For more information visit http://www.researchandmarkets.com/research/qtxvlr/the_cards_and