Gillian Byrne
Head of Payments, Banking & Payments Federation Ireland (BPFI)
The payments landscape in Ireland and globally has changed significantly over the past 10 years, with a huge shift towards digital payments and online banking.
Contactless payments accounted for over 87% of all point-of-sale card payments made in shops, restaurants and other retail outlets in Ireland in 2024. This translated to over 1.5 billion contactless payments, valued at €26.7 billion, according to the latest payments analysis of CBI data published in Banking & Payments Federation Ireland’s (BPFI) Payments Monitor.
Customer preference for mobile contactless payments
Smartphones and watches, which offer customers a quick and frictionless payment experience, are now preferred over physical cards for many consumers. Out of 296 contactless payments made per person in Ireland on Irish cards in 2024, 159 of these were made using mobile wallets such as Apple Pay or Google Pay, rather than cards. Many businesses see value in mobile contactless payments for their ability to speed up transactions and streamline payment processes. They can also enable access to valuable insights on consumer behaviour and support loyalty integrations, helping smaller businesses compete with larger retailers.
Many businesses see value in mobile
contactless payments for their ability
to speed up transactions and
streamline payment processes.
Instant payments to deliver improved customer experience
Meanwhile, instant payments are being introduced this year on the back of new legislation from Europe, to ensure that trade within Ireland and across Europe is as frictionless as possible. This will allow the instant transfer of money 24 hours a day, 365 days a year. While all banks and payment service providers within the Eurozone have been able to receive Instant Payments since January, from October, customers will have the ability to send instant payments.
Businesses, especially small and medium-sized businesses, can benefit from these changes by achieving greater control over their cash flow, ensuring funds are available within seconds rather than days. This enhanced liquidity will allow businesses to manage working capital more effectively as well as rely less on credit to cover short-term expenses.
Event for thought leadership in Irish fintech
For further insights into how businesses and entrepreneurs can thrive in this fast-moving landscape, join industry leaders and innovators at Fintech Nation 2025 on the 19th of September at The Convention Centre Dublin.
