The Ireland card payments market is forecast to grow by 5.4% to reach €95.2bn ($102.9bn) in 2024, supported by growing consumer preference for electronic payments, forecasts GlobalData, publishers of EPI.
GlobalData’s Payment Cards Analytics reveals that card payment value in Ireland registered a growth of 18.3% in 2022, driven by a rise in consumer spending. However, the value registered a slower growth of 8.7% to reach €90.4bn ($97.7bn) in 2023, on account of slowdown of economy.
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By GlobalDataRavi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “The payment card market in Ireland is experiencing growth, with a decline in cash usage. The country’s nearly fully banked adult population, strong financial awareness, and initiatives from the government and financial institutions have contributed to the increasing adoption of electronic payments and the expansion of payment card acceptance among retailers.”
Debit cards are the preferred card type among the Irish consumers, accounting for 84.4% of the total card payment value in 2023
This high adoption of debit cards is supported by a strong banked population and the issuance of debit cards alongside bank accounts as standard.
The frequency of debit card payments has significantly increased from 216.7 times per card in 2020 to 315 in 2024. Banks also offer reward points on debit cards, further incentivising their usage. Economic uncertainty has also driven the use of debit cards, as consumers opt to spend within their means.
Credit cards, on the other hand, are used less frequently for payments compared to debit cards. However, banks offer value-added benefits such as discounts, reward points, and cashback to drive credit card usage. The credit card market has experienced robust growth in terms of payment value, with a CAGR of 11.7% over the period of 2020-2024.
Contactless payments have gained significant traction in Ireland, with 88.6% of consumers having a contactless card, according to GlobalData’s 2023 Financial Services Consumer Survey*.
According to Banking & Payments Federation Ireland (BPFI) data, in Q2 2023, contactless payments accounted for almost 85% of all domestic POS transactions. Amid the growing number of payment technology innovations, contactless payments are poised for further integration into daily activities, signalling future growth in sectors such as transportation and retail. The average daily contactless payment volume was 3.8 million in Q2 2023, worth €63m ($68.1m) per day.
The rising in e-commerce payments also contributed to the rise in card usage. Debit cards are the most favored, accounting for 37.3% transaction value, according to GlobalData’s 2023 Financial Services Consumer Survey*. Credit cards also play a role in e-commerce transactions, accounting for 18.1% of transaction value in 2023, driven by value-added benefits such as reward points, discounts, and cashback.
Sharma concludes: “Looking ahead, the payment card market in Ireland is expected to continue its growth trajectory. Factors such as the increasing adoption of electronic payments, and the ongoing promotion of card payments by the government and financial institutions will drive this growth. With the convenience, speed, and security offered by card payments, coupled with the growing appeal of contactless payments, the future looks promising for the payment card market in Ireland. Overall, card payments value is expected to register CAGR of 6.1% between 2024 and 2028.”
