Deerfield Beach, FL -- (SBWIRE) -- 08/25/2015 -- Irish payment cards registered positive growth during the review period (2009–2013), recording a compound annual growth rate (CAGR) of 3.75%, to reach 6.3 million cards in circulation by the end of 2013. 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 3.23%. In terms of transaction value, debit cards accounted for a 77.9% share in 2013, which is expected to rise further over the forecast period.

In terms of the number of cards in circulation, the debit cards market accounted for 68.3% of the overall payment cards in 2013. The debit cards market is expected to continue to dominate over the forecast period, with its share reaching 74.0% in 2018.

During review period, the debit cards market registered a CAGR of 8.48%. Over the forecast period, the debit cards market expected to register a CAGR of 3.78% in terms of the number of cards in circulation, from 4.6 million in 2014 to 5.3 million in 2018. In terms of transaction value, the debit cards market registered a review-period CAGR of 1.08%, and is expected to record a forecast-period CAGR of 4.51%.

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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.

Scope

This report provides a comprehensive analysis of Ireland's cards and payments industry.
It provides current values for Ireland's cards and payments industry for 2013, and forecast figures for 2018.
It details the different economic, infrastructural and business drivers affecting Ireland's cards and payments industry.
It outlines the current regulatory framework in the industry.
It details the marketing strategies used by various banks and other institutions.
It profiles the major banks in Ireland's cards and payments industry.

Key highlights

- Irish payment cards registered positive growth during the review period (2009–2013), recording a compound annual growth rate (CAGR) of 3.75%, to reach 6.3 million cards in circulation by the end of 2013. 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 3.23%. In terms of transaction value, debit cards accounted for a 77.9% 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.

- Mobile money is emerging as a popular alternative payment instrument in Ireland. Many banks offer the service, which only requires a recipient's mobile number to enable a funds transfer. Ulster Bank added the Pay Your Contacts function to its service portfolio in October 2013. Pay Your Contacts is a smartphone app that saves the users financial details once during installation. Via the app, users can send money to anyone in their contact list, provided the recipient also has the app. Similarly, Permanent TSB introduced a MobileMoney service in June 2014, and AIB launched its Me2U mobile money app in January, 2014.

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