The Cards and Payments Industry in Ireland: Emerging Trends and Opportunities to 2020
Region: Ireland Sku Number: VR1097MR
The Cards and Payments Industry in Ireland: Emerging Trends and Opportunities to 2020 Summary GlobalData’s "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. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, cash, payment cards, direct debit and checks during the review period (2012-2016). The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes. The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure. The report provides top-level market analysis, information and insights into the Irish cards and payments industry, including - - Current and forecast values for each market in the Irish cards and payments industry, including debit and credit cards. - Detailed insights into payment instruments including credit transfers, checks, cash, direct debit and payment cards. It also, includes an overview of the country's key alternative payment instruments. - E-commerce market analysis and payment methods. - Analysis of various market drivers and regulations governing the Irish cards and payments industry. - Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards. Scope - On January 1, 2016 the Irish government replaced stamp duty with a surcharge on ATM cash withdrawals, with an aim to discourage use of debit cards at ATMs and drive in-store payments. Until 2016, consumers were charged a flat annual stamp duty of US$2.6 (EUR2.5) on ATM cards, and US$5.3 (EUR5) on combinations of debit and ATM cards, irrespective of frequency of use. This is now replaced with a new tax structure under which cardholders are charged US$0.13 (EUR0.12) per ATM cash withdrawal, with an annual cap of US$2.6 (EUR2.5) on ATM cards, and US$5.3 (EUR5) on combinations of debit and ATM cards. In contrast, debit card transactions at POS terminals are free of charge. This is expected to discourage card use at ATMs and to encourage the use of debit cards for in-store payments. - In December 2015, the EU-wide cap on the interchange fee was implemented in Ireland. However, the Irish government implemented a debit card interchange fee cap of 0.1%, which is 50% lower than the standard EU cap of 0.2%. The interchange fee cap on credit cards, however, remains at the EU level of 0.3%. While the regulation is expected to substantially impact the profitability of card issuers and schemes, according to the Irish government the cap will help merchants save up to US$37.9 million (EUR36 million) annually, encouraging them to accept card-based payments. - Irish consumer uptake of contactless technology is rising. The Irish government increased the contactless payment limit from US$15.8 (EUR15) to US$31.6 (EUR30) from October 31, 2015, and on February 16, 2016, Visa Europe announced that 1 million contactless transactions on Visa cards were made every week in Ireland as a result of the increased limit, compared to 2 million transactions per month in September 2015. As of April 2017, around 3 million Visa contactless cards had been issued in Ireland are accepted by more than 20,000 merchants. Almost all major banks, including Kredietbank ABB Insurance CERA (KBC Bank), Allied Irish Banks (AIB), Permanent TSB, Bank of Ireland (BOI) and Ulster Bank now offer contactless cards. Reasons to buy - Make strategic business decisions, using top-level historic and forecast market data, related to the Irish cards and payments industry and each market within it. - Understand the key market trends and growth opportunities in the Irish cards and payments industry. - Assess the competitive dynamics in the Irish cards and payments industry. - Gain insights into marketing strategies used for various card types in Ireland. - Gain insights into key regulations governing the Irish cards and payments industry.
Table of Contents 1. EXECUTIVE SUMMARY 2 1.1. Market overview 2 1.2. Key facts 3 1.3. Top five industry events 4 2. PAYMENT INSTRUMENTS 10 2.1. Current payment environment 10 3. E-COMMERCE AND ALTERNATIVE PAYMENTS 12 3.1. E-Commerce market analysis 12 3.2. Alternative payment solutions 14 3.2.1. PayPal 14 3.2.2. Apple Pay 14 3.2.3. Android Pay 15 3.2.4. Visa Checkout 15 3.2.5. MasterPass 15 3.2.6. boon 16 3.2.7. Single-Click 16 4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 17 4.1. Regulatory framework 17 4.1.1. SEPA cards framework 17 4.1.2. Payment Services Directive 2 (PSD2) 18 4.1.3. Interchange fee regulation 19 4.2. Anti-Money Laundering (AML) 19 4.3. Foreign direct investment regulations 20 5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 21 6. PAYMENT CARDS 24 7. DEBIT CARDS 26 7.1. Debit cards market analysis 26 7.2. Competition in the debit cards market 28 7.3. Debit cards comparison 30 8. PAY LATER CARDS 31 8.1. Pay later cards market analysis 31 8.2. Competition in the
List of Tables Table 1: Ireland, Key Facts, 2016 3 Table 2: Ireland, Regional Benchmarking of Payment Cards, 2016 3 Table 3: Ireland, Mode of Entry of Foreign Banks 20 Table 4: Ireland, Debit Cards Comparison and Key Features, 2017 30 Table 5: Ireland, Go