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Future of Retail & Ecommerce Q3 2023

Irish companies leading in global retail payments

iStock / Getty Images Plus / yaom

Karen Cohalan

Department Manager, Enterprise Ireland

Bernie Neville

Senior Development Adviser, Fintech, Financial and Business Services,
Enterprise Ireland

Ireland has an established reputation as a global hub for companies that are shaping the future of retail payments and eCommerce.

Fintech has undoubtedly changed the way we all do business and has had a tangible impact on our daily lives. The development of enterprise, a skilled workforce with strong industry expertise and a vibrant tech sector fuelled by multinationals have contributed to Ireland’s emergence as a fintech leader.  

Emerging disruptions in retail payments 

Embedded finance, contactless payment methods, digital wallets, branded payments and loyalty programmes are just some of the areas that present opportunity for Irish fintech companies pursuing growth in the retail payments sector.  

The landscape is continuously evolving, driven by multiple disruptions including technological, regulatory, economic and social. These disruptions are providing Irish startups and established Irish payments companies with opportunities to introduce new personalised, secure, seamless and cost-effective ways for customers to pay.   

The landscape is continuously evolving, driven by
multiple disruptions including technological,
regulatory, economic and social.

Examples of Irish fintech success stories 

There are many emerging and scaling Irish-owned companies in this space as well as several major Irish-owned players. They provide both retail and business payment infrastructures that enable global, secure, digital customer payment experiences.  

These include Kerry-based global payments company Fexco, which offers a portfolio of solutions including currency conversion, international B2B payments and customised omnichannel solutions for specific sectors. 

Transfermate, which is part of the Kilkenny-headquartered CluneTech Group, is another such example; and they earned unicorn status last year. The B2B payments firm utilises its global licensing infrastructure and banking network to enable cross-border payments in more than 201 countries and 141 currencies — faster and cheaper than traditional methods.   

Supporting the Irish fintech industry 

Money 20/20 is Europe’s leading fintech industry event. This year, there were more than 100 representatives from 28 Irish-owned and Enterprise Ireland-supported fintech companies at the event in Amsterdam, making it one of the largest national groups in attendance. Exports in fintech, financial and business services by firms supported by Enterprise Ireland rose 14% in 2022 to €2.38 billion, which is further evidence of Irish success in this sector. 

Supporting Irish-owned companies to achieve greater scale and expand their global footprint is a priority for Enterprise Ireland in 2023, and our dedicated team is committed to supporting Irish fintech companies on their journey to becoming global leaders. 

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