Contactless Payments are on the Rise in Ireland, Says Timetric in Its Report Available at MarketPublishers.com25 Jul 2016 • by Natalie Aster
LONDON – To reduce cash withdrawals with the use of debit cards at ATMs, the government in Ireland abolished stamp duty on debit card transaction on January 1 this year. Before this abolition, local consumers had to pay an annual fee of USD 3.3 for ATM cards and USD 6.6 for a combination of ATM and Debit card. This duty was replaced by a novel fee equal to USD 0.16 for each cash withdrawal additionally to the back charges. Meanwhile, there are no any charges for debit card transactions at POS terminals. New governmental initiative is likely to encourage debit card usage at POS terminals.
At present, an uptake of contactless technology is witnessed amid Irish consumers. In order to encourage contactless transactions, the country’s government raised the limit of contactless payment to USD 33.3 (for instance until October 31, 2015 this limit stood at USD 16.7). After the increase of spending limit in Ireland, on February 16, 2016 Visa Europe informed that 1 mln contactless transactions are made weekly in Ireland.
The constantly growing Irish payment cards market has attracted some mobile POS (mPOS) solution providers to enter the country’s marketplace. The latest was the launch of a low-cost terminal in March, 2015 by Payleven (now SumUp), a UK-based online solution provider.
Topical research publication “The Cards and Payments Industry in Ireland: Emerging Trends and Opportunities to 2020” offered by Timetric given a detailed guide to the Irish cards and payments marketplace. It covers prevailing and emerging trends, uncovers info on key factors shaping the domestic cards and payments market. It contains a detailed assessment of the competitive dynamics, offers data on the performance of main market players, describes regulative environment and initiatives, evaluates major growth opportunities and challenges, and uncovers historical and current industry performance statistics. Furthermore, forecasts through 2020 are provided in this topical report.
More reports by Timetric are available in this catalogue.