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Ireland Payment Methods Market Report

Covered in this report

Consumers have never had a such a broad range of options available when it comes to paying for goods or services as they do today. Traditional methods – most notably cash – coexist alongside contactless, smartphone payments and other innovative payment methods. More and more, consumers are coming to recognise and appreciate the added convenience and control these new methods offer, which has seen certain innovative methods extend beyond the core group of early adopters. In particular, Irish consumers have truly embraced contactless card payments, which strongly suggests that cash finally has a genuine competitor even when it comes to everyday, low-value transactions.

Expert analysis from a specialist in the field

Written by Brian O'Connor, a leading analyst in the Consumer sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Although consumers tend invariably to be slow to change their habits and behaviour, the introduction of contactless payments technology does appear to have elicited a relatively dramatic change in how consumers pay for goods and services. For the first time ever, there is a real and genuine contender to cash Brian O'Connor
Senior Consumer Analyst

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What's included

What's included

Table of contents

Table of contents

  1. Overview

    • What you need to know
      • Issues covered in this Report
      • Executive Summary

          • Market factors
            • NI consumers using less cash, but RoI consumers using more
              • Irish consumers moving slowly away from cheque usage
                • Slight increase in use of credit transfers by NI and RoI consumers
                  • Direct debit usage twice as high in NI as in RoI
                    • Significant increase in card payments by NI and RoI consumers
                      • Who’s Innovating?
                        • The consumer
                          • Cash still king with around three quarters using it regularly
                            • Figure 1: Methods of payment used in-store in the last month, NI and RoI, October 2019
                          • Most consumers pay online with debit cards or PayPal
                            • Figure 2: Payment methods used online in the last month to pay for any goods, service or bills, NI and RoI, October 2019
                          • Preference for cashless payment methods, and interested in innovations
                            • Figure 3: Preferences and behaviours relating to payment methods, NI and RoI, October 2019
                          • Cash has advantages, but the future is cashless (or less cash)
                            • Figure 4: Attitudes towards payment methods, NI and RoI, October 2019
                          • What it means
                          • The Market – What You Need to Know

                            • Increased cash usage in RoI, but reduced among NI consumers
                              • Continued decline in cheque usage by NI and RoI consumers
                                • Number of credit transfers by Irish consumers increasing moderately
                                  • NI consumers using direct debits significantly more than RoI consumers
                                    • Greater use year-on-year of card payments by NI and RoI consumers
                                    • Market Drivers

                                      • Average UK (incl. NI) consumer makes over 50 payments per month
                                        • Figure 5: Average number of payments made each month per person, UK, by type, 2017
                                      • UK (incl. NI) cash withdrawals at lowest point in decade
                                        • Figure 6: Number of cash withdrawals from ATMs, millions, UK (including NI), 2009-18
                                      • Decline in availability of free-to-use ATMs in NI further discouraging cash usage
                                        • Figure 7: Number of free-to-use ATMs, UK (incl. NI), by region, January 2018 and May 2019
                                      • Cash usage remains stubbornly high among RoI consumers
                                        • Figure 8: Value of cash withdrawals from ATMs, billions, RoI, Q2 2016-Q4 2018
                                        • Figure 9: Year-on-year volume change, by method of payment, %, RoI, 2017-18
                                      • Cheque usage continuing to decline in Ireland (and across Europe)
                                        • Figure 10: Number of payments per capita, cheques, EU, UK (incl. NI) and RoI, 2014-18
                                      • Steady growth in use of credit transfers among Irish consumers
                                        • Figure 11: Number of payments per capita, credit transfers, EU, UK (including NI) and RoI, 2014-18
                                      • NI consumers' usage of direct debits around double RoI counterparts’
                                        • Figure 12: Number of payments per capita, direct debits, EU, UK (incl. NI) and RoI, 2014-18
                                      • Card payments lead the way among all payment methods
                                        • Figure 13: Number of payments per capita, card payments, EU, UK (incl. NI) and RoI, 2014-18
                                    • What You Need to Know – Who’s Innovating?

                                      • Danske Bank investing in fraud protection efforts
                                        • Nonghyup Bank launches mobile ATM facilities
                                          • Cashless stores on the horizon
                                            • Facebook Pay has a large potential Irish user base
                                              • Helping tourists go cashless
                                                • New Zealand to legalise cryptocurrency salaries
                                                  • Cashless payments used to help plant trees
                                                  • Who’s Innovating?

                                                      • Mobile ATMs could help support cash transactions in rural areas
                                                        • Decathlon goes cashless
                                                          • Facebook Pay could be a disruptor
                                                            • Figure 14: Types of social networks that consumers log on to regularly (ie log on at least once per week), NI and RoI, March 2019
                                                            • Figure 15: Types of messenger apps that consumers log on to regularly (ie log on at least once per week), NI and RoI, March 2019
                                                          • Danske Bank offers NI customers increased security
                                                            • Assisting visitors in cashless payments
                                                              • New Zealand to legalise cryptocurrency salaries
                                                                • Cashless payments used to help plant trees
                                                                • The Consumer – What You Need to Know

                                                                  • Cash still the most regularly used method of payment for offline payments
                                                                    • Most consumers pay online with debit cards or PayPal
                                                                      • Openness to cashless payment methods and new innovations
                                                                        • Consumers see benefits to cash, but anticipate cashless society
                                                                        • Usage of Payment Methods (Offline)

                                                                            • Cash still reigns supreme for in-store transactions
                                                                              • Figure 16: Methods of payment used in-store in the last month, NI and RoI, October 2019
                                                                            • Cash usage highest among women and older consumers
                                                                              • Figure 17: Consumers who have used cash as a method of payment in-store in the last month, by gender and age, NI and RoI, October 2019
                                                                            • Chip and PIN preferred to contactless when using debit card, but only just
                                                                              • Figure 18: Consumers who have used debit cards (chip and PIN) as a method of payment in-store in the last month, by gender and age, NI and RoI, October 2019
                                                                              • Figure 19: Consumers who have used debit cards (contactless) as a method of payment in-store in the last month, by gender and age, NI and RoI, October 2019
                                                                            • Credit cards more popular among ABC1s and older consumers
                                                                              • Figure 20: Consumers who have used credit cards (chip and PIN) as a method of payment in-store in the last month, by social class and age, NI and RoI, October 2019
                                                                              • Figure 21: Consumers who have used credit cards (contactless) as a method of payment in-store in the last month, by social class and age, NI and RoI, October 2019
                                                                            • Declining minorities using direct debits/standing orders and bank transfers
                                                                              • PayPal a minority but mainstream method for in-store transactions
                                                                                • Figure 22: Consumers who have used PayPal as a method of payment in-store in the last month, by age, NI and RoI, October 2019
                                                                              • App-based payment methods slowly gaining trust and familiarity
                                                                              • Usage of Payment Methods (Online)

                                                                                  • Majority of consumers using debit cards and PayPal online
                                                                                    • Figure 23: Payment methods used online in the last month to pay for any goods, service or bills, NI and RoI, October 2019
                                                                                  • Women and under-45s using debit cards online most
                                                                                    • Figure 24: Consumers who have used a debit card as a payment method online in the last month to pay for any goods, service or bills, by gender, age and social class, NI and RoI, October 2019
                                                                                  • PayPal a popular payment method across all ages and social classes
                                                                                    • Figure 25: Consumers who have used PayPal as a payment method online in the last month to pay for any goods, service or bills, by gender, age and social class, NI and RoI, October 2019
                                                                                  • Credit cards favoured by men, ABC1s and over-55s
                                                                                    • Figure 26: Consumers who have used credit cards as a payment method online in the last month to pay for any goods, service or bills, by gender, age and social class, NI and RoI, October 2019
                                                                                  • Younger consumers more likely than older to use bank transfers
                                                                                    • Figure 27: Consumers who have used a bank transfer as a payment method online in the last month to pay for any goods, service or bills, by gender and age, NI and RoI, October 2019
                                                                                • Behaviour Relating to Payment Methods

                                                                                    • No 'cash attachment' among consumers equates to potential for new innovations
                                                                                      • Figure 28: Preferences and behaviours relating to payment methods, NI and RoI, October 2019
                                                                                    • Younger consumers more likely to prefer cashless options
                                                                                      • Figure 29: Consumers who prefer cashless methods of payment to cash, by age and social class, NI and RoI, October 2019
                                                                                      • Figure 30: Consumers who rarely carry cash, by age, gender and social class, NI and RoI, October 2019
                                                                                    • Interest in biometric security highest among younger consumers…
                                                                                      • Figure 31: Consumers who would be interested in using payment methods that incorporate biometric security, by age, NI and RoI, October 2019
                                                                                    • …but less than a quarter interested in social media app payments
                                                                                      • Fear of being hacked likely a major deterrent to using 'edgy' innovations
                                                                                        • Figure 32: Consumers who agree that the prospect of being hacked has put them off using online payment methods, by gender and age, NI and RoI, October 2019
                                                                                      • Enabling charitable donations likely to facilitate speedier adoption
                                                                                      • Attitudes Towards Payment Methods

                                                                                          • Consumers see benefits of cash, but accept it's not the future
                                                                                            • Figure 33: Attitudes towards payment methods, NI and RoI, October 2019
                                                                                          • General – but not resolute – sense that cashless society is inevitable
                                                                                            • Figure 34: Consumers who agree with statement that a cashless society is inevitable, by gender and age, NI and RoI, October 2019
                                                                                          • Budgeting benefits of cash recognised across classes and incomes
                                                                                            • Figure 35: Consumers who agree with statement that using cash is the easiest way to avoid overspending, by household income and social class, NI and RoI, October 2019
                                                                                          • Consumers – particularly younger – have been won over by contactless
                                                                                            • Figure 36: Consumers who agree with statement that contactless payments are more convenient than cash/traditional card payments, by gender and age, NI and RoI, October 2019
                                                                                          • Acceptance, control and security key to increased contactless usage
                                                                                            • Figure 37: Agreement with selected statements about contactless payments, NI and RoI, October 2019
                                                                                        • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                          • Data sources
                                                                                            • Abbreviations

                                                                                            About the report

                                                                                            This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                                            • The Consumer

                                                                                              What They Want. Why They Want It.

                                                                                            • The Competitors

                                                                                              Who’s Winning. How To Stay Ahead.

                                                                                            • The Market

                                                                                              Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                                            • The Innovations

                                                                                              New Ideas. New Products. New Potential.

                                                                                            • The Opportunities

                                                                                              Where The White Space Is. How To Make It Yours.

                                                                                            • The Trends

                                                                                              What’s Shaping Demand – Today And Tomorrow.

                                                                                            Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

                                                                                            Description