Payment trends 2023 have some surprises in store for business owners in Ireland.
With the release of new data from the Central Bank of Ireland, there are more insights into how people in Ireland spend their money – and where.
This is great news for SMEs in Ireland. After all, the more you know about your customers, the more easily you can meet their needs (and wants) while growing your business.
Why You Need to Know the Trends
We’ve discussed the importance of utilising business payment data, and brand-new statistics like those found in this recent report are crucial for improving operations effectively and sustainably. Staying updated on payment trends in Ireland means maintaining good practices you’ve already established in your business while introducing new technologies, efforts, and strategies. In this article, we’ll go over some of the most notable payment trends 2023 has observed in Ireland and worldwide.
At New Payment Innovation, we understand how important it is to stay on top of trends – that’s why we’re always innovating new solutions for small and medium-business owners in Ireland. To learn more about NPI merchant services and how we do business, give us a call at 014475299 or fill out the free contact form and one of our payment experts will get back to you.
Digital Payments in Ireland
Along with much of the rest of the world, Ireland entered the digital age of money in the 1990s. As the internet began to gain widespread adoption in Ireland, online banking services began to emerge, facilitating access to accounts and the ability to conduct basic financial transactions online.
By the early 2000s, eCommerce started making waves and the need for secure digital payment methods gained traction. Credit cards and online payment gateways rapidly became essential for shopping online.
Less than a decade later, contactless payment technology was introduced in Ireland. Instead of swiping a magnetic strip or inserting a chip and pin card, secure transactions could now be made by simply tapping these cards on payment terminals or card readers.
Mobile payments marked the 2010s, with solutions from Apple Pay and Google Pay. These mobile wallets make it even easier for customers to make safe mobile payments at any NFC card reader machine.
Around this time, fintech focusing on innovative payment solutions and financial management started cropping up in Ireland, adding a new dimension to the payment landscape. Because of the rapid growth of the fintech and payments industries in Ireland, new regulations were needed to enhance the security of online payments and align the country with EU standards. For example, Strong Customer Authentication (SCA) was introduced in September 2019 to ensure customer protection when making digital payments and reduce the risk of fraud.
Payment trends technology advancement allows for increased transactions and improved business operations.
Ireland Payment Trends 2023
Card Payments in Ireland
The report from Central Bank of Ireland reveals how credit and debit cards are used around the country. Though card transactions used to be separated into credit and debit, the distinction is no longer made. This new data provides insights into specific spending behavior in different counties and regions among Irish households. Notably, this does not include tourist or visitor spending or business spending.
In the first half of 2023, total card spending in Ireland came to nearly €7 billion, from around 162 million card transactions a month. 84% of these transactions came from contactless card payments initiated at a physical POS. In other words, these payments were made in-person at a face-to-face card machine. Of these transactions, 32% were completed via mobile wallet card payment. Card payments initiated remotely, such as during online shopping, accounted for around 36% of all card transactions. Meanwhile, cash withdrawals accounted for just 16% of the value of all card transactions.
More than half of all card transactions in Ireland during the first half of 2023 occurred in Dublin. This isn’t necessarily a surprise, as Dublin is the most populous city in Ireland, as well as the most expensive. Not to mention, it’s a hub for shopping, food, and entertainment. Cork and Galway also ranked highly for card payments, with Carlow and Clare nabbing the second and third places under contactless card payment spending. Carlow ranked first for cash withdrawals.
In terms of lowest spending, Offaly accounts for the least amount of total and contactless card payments. Westmeath performs the least cash withdrawals in the country.
The report data is broken into four different sectors: Retail (including groceries/perishables, consumer durables, automotive, and hardware), Services (including health, professional services, financial servcies, and transport), Social (including restaurants/dining, and entertainment), and Miscellaneous (including government services and charity).
The retail sector is the most significant contributor to domestic card spending, accounting for 47% of all card transactions. Within this sector, groceries/perishables represented 23% of total domestic card spending. This is a much higher proportion than in previous years and is likely due to soaring food prices over the last couple of years. This percentage is expected to rise in the coming years.
In business, an ecosystem is an interconnected set of products and services offered by a single provider. For instance, Apple has established a growing ecosystem of phones, music players, wearables, TV, and more. This creates a full experience for the customer where they can have their various communication and entertainment needs met.
In the payment sector, this often means that along with payments, businesses can also find solutions for their customers’ other needs. In this way, businesses can improve operations while meeting their customers’ needs that go beyond making payments – all without having to use different services or companies.
EPOS systems are a growing element in payment ecosystems, as they allow for complete integration with the brand and their requirements. Modern EPOS systems allow for staff scheduling, inventory management, making appointments, setting discounts and loyalty cards, and more.
How NPI Leverages Payment Trends in 2023
As the Central Bank of Ireland report shows, card payments are taking over the Irish economic landscape for everyday purchases. At NPI, we know just how important it is for businesses to be able to make it easy for customers to make payments in the methods they prefer. We are continuously releasing new technologies and services to fill in gaps that business owners may be facing – like adding WeChat Pay and Alipay to our accepted payment methods to accommodate international payments.
With the retail sector in Ireland so inundated with card and contactless payments, we’ve put some extra effort into designing the right merchant services for retail businesses. Of course, we’re making sure other sectors, like hospitality and health and beauty can also use our completely customisable solutions to increase revenue and establish a loyal customer base.
A Holistic Approach
NPI is also establishing a payment solution ecosystem to cover even more of our merchants’ needs. Our proprietary software is fully customisable, so business owners can take advantage of various customer-building capabilities. And with our integration and developer tools, the process is intuitive and streamlined. Plus, business owners will get access to sales data and business insights that will direct their efforts to success. This holistic approach to payments means that our merchants get a more complete picture of how their business efforts affect outcomes.
New Payment Innovation’s Approach to Merchant Services
NPI’s commitment to innovation and customer-centricity means we’re not just another payment provider – we’re your partner on the path to seamless payments – and success. Whether you’re a business looking for diverse payment methods, integration with your existing systems, or real-time insights, we’ve got you covered. Here’s how we do merchant services:
Face to Face Payments
For businesses that rely on the stability and familiarity of traditional card transactions, NPI offers seamless wired payment options. These methods ensure that you can accept payments securely through trusted and established channels.
In an era where speed and convenience are paramount, NPI embraces wireless technology for your face-to-face transactions. Our wireless solutions, including contactless payments, enable quick and secure transactions. Customers can simply tap their cards or mobile devices for swift and hassle-free payments, whether they’re shopping in a store or at a vendor’s stall.
Recognizing the growing importance of mobile payments, NPI empowers businesses to tap into the mobile-centric world. With our support for mobile transactions, you can offer customers the flexibility to pay with their smartphones and digital wallets, making the payment process both efficient and user-friendly.
NPI understands the importance of streamlining online payments for businesses and ensuring a secure and convenient experience for customers.
Our integrated solutions are designed to seamlessly connect with a wide range of e-commerce platforms and payment gateways. This means that whether you’re a business looking to accept payments online or a customer making a purchase, the process is straightforward and secure.
For businesses, NPI’s integration with e-commerce platforms allows for a hassle-free setup, enabling you to accept payments on your website or digital storefront. Our system effortlessly manages the flow of transactions, ensuring a smooth experience for your customers.
Over the Phone
Our virtual terminals are at the heart of over-the-phone payments. They provide a secure platform where businesses can process transactions remotely. This is especially useful for businesses that offer services or sell products over the phone, through catalogs, or via email. By using virtual terminals, you can efficiently handle card transactions from anywhere, enhancing convenience and accessibility for your customers.
Security is paramount in over-the-phone transactions, and NPI takes this responsibility seriously. Our systems are designed to ensure the utmost security for both businesses and customers. Card data is handled with care, and our virtual terminals adhere to industry standards for secure payments.
Contact NPI Today
Explore the NPI difference by getting in touch with our expert team. We’re here to provide guidance, valuable insights, and tailored solutions that align with your unique needs and goals. Reach out to us at 014475299 or fill out the contact form and one of our payment gurus will get back to you.
Payment Trends 2023: FAQs
What are the key payment trends in Ireland for 2023?
In 2023, key payment trends in Ireland include the rise of contactless payments, increased adoption of mobile wallets, and a shift towards payment ecosystems.
Are there any new regulations impacting the payment industry in Ireland this year?
Yes, there are new regulations aimed at enhancing security and consumer protection, such as Strong Customer Authentication (SCA) for online payments.
How can my business leverage payment trends to improve customer experience?
By staying updated on payment trends 2023, you can offer convenient payment options, enhance security measures, and provide a seamless checkout experience for your customers.
What role does New Payment Innovation play in shaping payment trends in Ireland?
New Payment Innovation is at the forefront of introducing innovative payment solutions that align with current trends, making transactions smoother and more efficient.
How can I protect my business from emerging payment fraud risks in 2023?
Stay vigilant by implementing robust security measures, educating your staff and customers, and regularly updating your payment systems to combat fraud effectively.
What are the benefits of accepting mobile payments for small businesses in Ireland?
Accepting mobile payments can lead to increased sales, reduced transaction costs, and improved customer loyalty for small businesses.
Are there any sustainable payment trends in Ireland that align with eco-friendly initiatives?
Yes, sustainable payment options like eco-friendly digital wallets are emerging, reflecting Ireland’s commitment to environmental responsibility.
How can I keep my business adaptable to evolving payment trends in the long term?
Continuously educate yourself on industry developments, invest in flexible payment systems, and seek partnerships with forward-thinking payment providers like New Payment Innovation.
What sets NPI apart from other payment solution providers?
NPI distinguishes itself by offering a holistic payment ecosystem. While we excel in providing diverse payment methods, we go further by integrating with your existing systems, enhancing inventory management, offering staff management solutions, and providing comprehensive analytics. This holistic approach ensures that NPI is not just a payment provider but a partner in your business’s growth and success.
How can I future-proof my card machine choice?
To future-proof, choose a card machine that can adapt to new payment methods, security standards, and business requirements, reducing the need for frequent upgrades.