2022
0
Ireland Payment Methods Market Report 2022
2022-11-09T03:05:39+00:00
OX1100469
1495
157322
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Report
en_GB
“The experience of the pandemic introduced many consumers to newer, innovative, tech-based payment methods, which some would not otherwise have encountered. While old habits die hard, the pandemic was another…

Ireland Payment Methods Market Report 2022

£ 1,495 (Excl.Tax)

Description

“The experience of the pandemic introduced many consumers to newer, innovative, tech-based payment methods, which some would not otherwise have encountered. While old habits die hard, the pandemic was another nail in the coffin for cash and cheques, with contactless and e-payments picking up the slack.”
Brian O’Connor, Senior Consumer Analyst

This Report looks at the following areas:

  • The impact of COVID-19 on payment methods in NI and RoI.
  • Market drivers and dynamics around payment methods.
  • Payment methods used in-store in the last month to pay for goods/services or to settle bills.
  • Payment methods used online in the last month to pay for goods/services or to settle bills.
  • Whether consumers’ cash usage has changed in the last 12 months, and, if so, the reasons for this change.
  • The factors that consumers take into consideration when choosing a payment method.
  • Consumer behaviour and attitudes with respect to payment methods and the payment process.

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Products covered in this Report
        • Executive Summary

            • The impact of COVID-19 on payment methods
              • Figure 1: Short-, medium- and long-term impact of COVID-19 on payment methods, 2022
            • Market Drivers
              • Financial pressure on consumers to impact payment methods
                • Strongest growth in digital payments in RoI
                  • Volume and value of contactless payments up in RoI
                    • Debit and credit cards account for 57% of NI payments
                      • Innovations
                        • Consumer
                          • In-person payments led by debit cards (contactless and chip-and-PIN)
                            • Figure 2: Payment methods used for in-store payments in the last month, NI and RoI, 2022
                          • Online payments led by debit cards, PayPal and credit cards
                            • Figure 3: Payment methods used for online payments in the last month, NI and RoI, 2022
                          • Majority of consumers have reduced their use of cash
                            • Figure 4: How cash usage has changed in the last 12 months, NI and RoI, 2022
                          • Speed and familiarity the key factors when deciding on payment method
                            • Figure 5: Factors considered by consumers when choosing a method of payment, NI and RoI, 2022
                          • Payment processes should be convenient, simple and hassle-free
                            • Figure 6: Consumer behaviours and payment methods, NI and RoI, 2022
                          • Strong attachment to cash remains among Irish consumers
                            • Figure 7: Consumer attitudes and payment methods, NI and RoI, 2022
                        • The Market – Key Takeaways

                          • Financial pressure on consumers to impact payment methods
                            • Strongest growth in digital payments in RoI
                              • Volume and value of contactless payments up in RoI
                                • Debit and credit cards account for 57% of NI payments
                                • Market Drivers

                                  • Squeeze on household finances to affect usage of payment methods
                                    • Inflation and geopolitical turbulence hitting consumers financially
                                      • Figure 8: Consumers’ assessment of their own financial health, NI and RoI, 2022
                                    • Consumers more financially worse off now than they were last year
                                      • Figure 9: Consumers’ assessment of how their own financial situation compares to how it was a year or so ago, NI and RoI, 2022
                                    • Widespread concern among consumers over coming months
                                      • Figure 10: How consumers feel about their financial situation over the next year or so, NI and RoI, 2022
                                    • Consumers conscious that situation in Ukraine will hit their finances
                                      • Figure 11: What effect consumers think the situation in Ukraine will have on their household’s finances, NI and RoI, 2022
                                    • Digital banking payments now more popular than direct debits in RoI
                                      • Figure 12: Quarterly payment volumes, selected payment methods, millions, RoI, Q2 2022
                                      • Figure 13: Year-on-year changes in usage, volume, selected payment methods, RoI, Q2 2022
                                    • Contactless payments increasing in both volume and value in RoI
                                      • Figure 14: Contactless card payments, monthly, volume, RoI, 2021-22
                                      • Figure 15: Contactless card payments, monthly, value (€ millions), RoI, 2021-22
                                    • More than half of all UK (incl. NI) payments through cards
                                      • Contactless payments account for one in three payments in the UK (including NI)
                                        • Figure 16: Contactless payments, percentage of all payments, UK (including NI), 2015-21
                                      • Usage of cash continuing to decline as percentage of UK (including NI) payments
                                        • Figure 17: Cash as a percentage of all payments, UK (including NI), 2006-21
                                      • Cheques now a niche payment method in the UK (including NI)
                                        • Figure 18: Number of cheques used to make payments, millions, UK (including NI), 2006-21
                                    • Companies and Innovations – Key Takeaways

                                      • Buy Now, Pay Later methods increase in popularity
                                        • Cashless payment methods remain widespread
                                          • Increased observation of biometric technology in payment methods
                                          • Who’s Innovating?

                                              • Buy now, pay later
                                                • Cashless payments continue to grow in popularity
                                                  • Biometric technology offers increased payment method security
                                                  • The Consumer – Key Takeaways

                                                    • In-person payments led by debit cards (contactless and chip-and-PIN)
                                                      • Online payments led by debit cards, PayPal and credit cards
                                                        • Majority of consumers have reduced their use of cash
                                                          • Speed and familiarity the key factors when deciding on payment method
                                                            • Payment processes should be convenient, simple and hassle-free
                                                              • Strong attachment to cash remains among Irish consumers
                                                              • Payment Methods Used In-store

                                                                  • Debit cards preferred in-person payment method
                                                                    • Figure 19: Payment methods used for in-store payments in the last month, NI and RoI, 2022
                                                                  • Debit card popularity driven by contactless payments
                                                                    • Figure 20: Consumers who used a debit card (either contactless or chip-and-PIN) as a method of payment for in-store payments in the last month, NI and RoI, 2022
                                                                  • Younger consumers less inclined to be debit card users
                                                                    • Figure 21: Consumers who used a debit card (either contactless or chip-and-PIN) as a method of payment for in-store payments in the last month, by gender and age, NI and RoI, 2022
                                                                  • Cash remains popular and common method of payment
                                                                    • Figure 22: Consumers who have used cash as a method of payment in-store in the last month to pay for any goods, services or bills, by financial health, NI and RoI, 2022
                                                                  • Younger consumers see benefits of paying via devices
                                                                    • Figure 23: Consumers who used a payment service via smartphone/device (eg Apple Pay, PayPal) as a method of payment for in-store payments in the last month, by age, NI and RoI, 2022
                                                                    • Figure 24: Consumers who used a payment service via smartphone/device (eg Apple Pay, PayPal) as a method of payment for in-store payments in the last month, by gender and social class, NI and RoI, 2022
                                                                • Payment Methods Used Online

                                                                    • Debit cards, PayPal and credit cards dominate online payments
                                                                      • Figure 25: Payment methods used for online payments in the last month, NI and RoI, 2022
                                                                    • 16-24s and over-55s less likely to use debit cards online
                                                                      • Figure 26: Consumers who used debit cards for online payments in the last month to pay for goods, services or bills, by age, NI and RoI, 2022
                                                                      • Figure 27: Consumers who used debit cards for online payments in the last month to pay for goods, services or bills, by gender and social class, NI and RoI, 2022
                                                                    • Men, older consumers and ABC1s using credit cards online
                                                                      • Figure 28: Consumers who used credit cards for online payments in the last month to pay for goods, services or bills, by age, NI and RoI, 2022
                                                                      • Figure 29: Consumers who used credit cards for online payments in the last month to pay for goods, services or bills, by gender and social class, NI and RoI, 2022
                                                                    • PayPal most popular among consumers aged 25-54
                                                                      • Figure 30: Consumers who used PayPal for online payments in the last month to pay for goods, services or bills, by age, NI and RoI, 2022
                                                                    • Still niche, but payment apps now trusted payment methods
                                                                      • Consumers aged 16-34 most inclined to use bank transfers
                                                                        • Rapid emergence of BNPL, with continued growth likely
                                                                        • How and Why Cash Usage Has Changed

                                                                            • Most consumers using cash less than they did a year ago
                                                                              • Figure 31: How cash usage has changed in the last 12 months, NI and RoI, 2022
                                                                            • Most reduced cash usage due to better alternatives
                                                                              • Figure 32: Reasons why consumers reduced or stopped using cash in the last 12 months, NI and RoI, 2022
                                                                            • Older consumers reduced cash usage over COVID-19 concerns
                                                                            • Factors when Choosing a Payment Method

                                                                                • Speed and familiarity the key considerations when choosing a method
                                                                                  • Figure 33: Factors considered by consumers when choosing a method of payment, NI and RoI, 2022
                                                                                • Speed of payment matters to all demographics when choosing method
                                                                                  • Figure 34: Consumers who consider ‘Speed of payment’ when choosing a payment method, by gender, age and social class, NI and RoI, 2022
                                                                                • Attachment to familiarity may cause resistance to novel innovations
                                                                                  • Figure 35: Consumers who consider ‘Payment method I’m familiar with’ when choosing a payment method, by gender, age and social class, NI and RoI, 2022
                                                                                • Protection and security key considerations for older consumers
                                                                                  • Figure 36: Consumers who consider ‘Protection for purchases (eg if goods are faulty, if the retailer goes bust)’ when choosing a payment method, by age, NI and RoI, 2022
                                                                                  • Figure 37: Consumers who consider ‘Security features (ie requires a secure authorisation) ‘ when choosing a payment method, by age, NI and RoI, 2022
                                                                                • Convenience and practicalities matter most to older consumers
                                                                                • Consumer Behaviours and Payment Methods

                                                                                    • Consumers want a convenient, simple, hassle-free payment process
                                                                                      • Figure 38: Consumer behaviours and payment methods, NI and RoI, 2022
                                                                                    • Men, ABC1s and younger consumers most inclined to want convenience
                                                                                      • Age determines consumers’ openness to biometric security
                                                                                        • Figure 39: Agreement with statement ‘I would be interested in using payment methods that incorporate biometric security (eg fingerprint)’, by age, NI and RoI, 2022
                                                                                        • Figure 40: Agreement with statement ‘I would be interested in using payment methods that incorporate biometric security (eg fingerprint)’, by gender and social class, NI and RoI, 2022
                                                                                      • Cost of living impacting younger consumers’ payment method choices
                                                                                        • Cash not necessarily the preserve of older traditionalists
                                                                                            • Figure 41: Agreement with statement ‘I have withdrawn cash over the counter from a bank branch/post office in the last 3 months’, by age and social class, NI and RoI, 2022
                                                                                        • Consumer Attitudes and Payment Methods

                                                                                            • Some conservatism around payment methods among consumers
                                                                                              • Figure 42: Consumer attitudes and payment methods, NI and RoI, 2022
                                                                                            • Consumers not yet ready to embrace a cashless society
                                                                                              • Giving consumers more autonomy could benefit new payment methods
                                                                                                • Men, ABC1s and younger consumers keen on cryptocurrency payments
                                                                                                    • Figure 43: Agreement with statement ‘Cryptocurrencies should be more widely accepted as a payment method’, by gender, age and social class, NI and RoI, 2022
                                                                                                • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                  • Data sources
                                                                                                    • Generational cohort definitions
                                                                                                      • Abbreviations

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