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Irelands Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

Published By :

Timetric

Published Date : Sep 2014

Category :

Banking

No. of Pages : 73 Pages

Synopsis

The report provides top-level market analysis, information and insights on Ireland\'s cards and payments industry, including:

  • Current and forecast values for each category of Ireland\'s cards and payments industry, including debit cards, and credit cards.
  • Comprehensive analysis of the industry’s market attractiveness and future growth areas
  • Analysis of various market drivers and regulations governing Ireland\'s cards and payments industry
  • Detailed analysis of the marketing strategies adopted for selling debit and credit cards used by banks and other institutions in the market
  • Comprehensive analysis of consumer attitudes and buying preferences for cards
  • The competitive landscape of Ireland\'s cards and payments industry

Executive summary

  • Irish payment cards registered positive growth during the review period (2009–2013), recording a compound annual growth rate (CAGR) of 3.75%, to reach 6.3 million cards in circulation by the end of 2013. Improvements to banking infrastructure such as the increased installation of point-of-sale (POS) terminals in merchant outlets drove the growth. In terms of transaction value, payment cards valued EUR49.1 billion (US$65.1 billion) in 2013, after registering a review-period CAGR of -0.22%. However, it is expected to expand over the forecast period (2014–2018), at a CAGR of 3.23%. In terms of transaction value, debit cards accounted for a 77.9% share in 2013, which is expected to rise further over the forecast period.
  • In terms of the number of cards in circulation, the debit cards market accounted for 68.3% of the overall payment cards in 2013. The debit cards market is expected to continue to dominate over the forecast period, with its share reaching 74.0% in 2018.
  • During review period, the debit cards market registered a CAGR of 8.48%. Over the forecast period, the debit cards market expected to register a CAGR of 3.78% in terms of the number of cards in circulation, from 4.6 million in 2014 to 5.3 million in 2018. In terms of transaction value, the debit cards market registered a review-period CAGR of 1.08%, and is expected to record a forecast-period CAGR of 4.51%.
  • The increase in debit card usage is due to the switching of payment methods for goods and services, from checks to debit cards. The National Payments Plan initiative in 2013, e-Day, will further encourage the use of debit cards over checks. This will encourage small and medium-sized enterprises (SMEs), which accounted for 60% of Ireland’s total check usage to use debit cards. Furthermore, rising credit card debt shifted consumer’s preference towards debt-free financial products, and supported the growth of debit cards.

Scope

  • This report provides a comprehensive analysis of Ireland\'s cards and payments industry.
  • It provides current values for Ireland\'s cards and payments industry for 2013, and forecast figures for 2018.
  • It details the different economic, infrastructural and business drivers affecting Ireland\'s cards and payments industry.
  • It outlines the current regulatory framework in the industry.
  • It details the marketing strategies used by various banks and other institutions.
  • It profiles the major banks in Ireland\'s cards and payments industry.

Reasons to buy

  • Make strategic business decisions using top-level historic and forecast market data related to Ireland\'s cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities within Ireland\'s cards and payments industry.
  • Assess the competitive dynamics in Ireland\'s cards and payments industry.
  • Gain insights in to the marketing strategies used for selling various card types in Ireland.
  • Gain insights into key regulations governing Ireland\'s cards and payments industry.

Key highlights

  • Irish payment cards registered positive growth during the review period (2009–2013), recording a compound annual growth rate (CAGR) of 3.75%, to reach 6.3 million cards in circulation by the end of 2013. Improvements to banking infrastructure such as the increased installation of point-of-sale (POS) terminals in merchant outlets drove the growth. In terms of transaction value, payment cards valued EUR49.1 billion (US$65.1 billion) in 2013, after registering a review-period CAGR of -0.22%. However, it is expected to expand over the forecast period (2014–2018), at a CAGR of 3.23%. In terms of transaction value, debit cards accounted for a 77.9% share in 2013, which is expected to rise further over the forecast period.
  • The banking sector transformed and adopted new technologies during the review period, which helped enhance customer experience by simplifying and speeding up many banking activities. Allied Irish Banks (AIB) took a vital step via its Learn About Banking (LAB) store. LAB is a high-street learning and research store which enables customers to understand the benefits of new banking technology. It collects feedback from users to understand their preferences and improve the service.
  • Mobile money is emerging as a popular alternative payment instrument in Ireland. Many banks offer the service, which only requires a recipient’s mobile number to enable a funds transfer. Ulster Bank added the Pay Your Contacts function to its service portfolio in October 2013. Pay Your Contacts is a smartphone app that saves the users financial details once during installation. Via the app, users can send money to anyone in their contact list, provided the recipient also has the app. Similarly, Permanent TSB introduced a MobileMoney service in June 2014, and AIB launched its Me2U mobile money app in January, 2014. 
  • Banks are increasingly establishing a presence on social media, as its penetration is increasing rapidly. Banks are using social media to communicate the benefits of their latest services, promote upcoming offerings, provide regular updates on business progress, and garner customer support. AIB has a presence on Twitter, Facebook, YouTube, LinkedIn, Boards.ie, Flickr, Google+, and Slideshare. However, this presence alone is not enough;it must be used effectively. Therefore, AIB has generated separate accounts on Twitter and Facebook, AIB and AskAIB, one which is very much the bank’s corporate face, and one dedicated to customer queries. The bank also uses Flickr and YouTube to share images and videos of sponsored events and instructional videos.
  • A large number of customers, primarily within the high-income bracket, are engaged in philanthropic activities. To cater these customers, banks have introduced programs whereby customers can donate a percentage of their total credit card expenditure to charitable programs. Bank of Ireland (BOI) offers the Affinity Credit Card which donates to the customer’s choice of associated colleges such as the University College Dublin (UCD), University of Limerick, the National University of Ireland (NUI) Maynooth, NUI Galway, Trinity College Dublin and University College Cork (UCC).
Table of Contents

1 Executive Summary

2 Analysis of the Industry Environment, Key Trends and Drivers
2.1 Payment Infrastructure and Emerging Technologies
2.1.1 ATMs
2.1.2 Point of sale (POS) terminals
2.1.3 Internet penetration
2.1.4 Contactless technology
2.1.5 Europay, MasterCard and Visa (EMV)
2.1.6 M-payments
2.2 Business Drivers
2.2.1 Growth of e-commerce
2.2.2 Retail sales value
2.3 Economic Drivers
2.3.1 Nominal GDP per capita
2.3.2 Real GDP growth
2.3.3 Inflation

3 Cards and Payments Industry Share Analysis
3.1 Industry Overview
3.1.1 Check payments
3.1.2 Direct debits
3.1.3 Credit transfers
3.1.4 Payment cards

4 Regulatory Framework and Card Fraud Statistics
4.1 Regulatory Framework
4.1.1 SEPA cards framework
4.1.2 Anti-money laundering (AML) and anti-terrorist financing framework
4.1.3 Foreign direct investment (FDI) regulations
4.2 Card Fraud Statistics
4.2.1 Card-not-present fraud
4.2.2 Counterfeit card
4.2.3 Lost or stolen card

5 Emerging Consumer Attitudes and Trends
5.1 Market Segmentation and Targeting
5.1.1 Retail segment
5.1.2 Corporate segment
5.2 Travel and Tourism Spending
5.2.1 Outbound tourist volume
5.2.2 Outbound tourist expenditure

6 Analysis of Payment Cards and Growth Prospects
6.1 Payment Cards Instrument Share Analysis by Card Market
6.2 Size and Forecast of the Payment Cards Instrument
6.2.1 Analysis by volume of cards in circulation
6.2.2 Analysis by transaction value

7 Analysis of Credit Cards Market and Growth Prospects
7.1 Overall Market Size and Forecast
7.1.1 Analysis by volume of cards in circulation
7.1.2 Analysis by transaction value
7.1.3 Analysis by transaction volume
7.2 Transaction Share Analysis by Channel
7.2.1 Analysis by transaction value
7.2.2 Analysis by transaction volume
7.3 Personal Credit Cards Size and Forecast
7.3.1 Analysis by volume of cards in circulation
7.3.2 Analysis by transaction value
7.3.3 Analysis by transaction volume
7.4 Commercial Credit Cards Size and Forecast
7.4.1 Analysis by number of cards in circulation
7.4.2 Analysis by transaction value
7.4.3 Analysis by transaction volume
7.5 Competitive Landscape
7.5.1 Scheme share analysis
7.5.2 Issuer share analysis

8 Analysis of Debit Card Payments and Growth Prospects
8.1 Overall Market Size and Forecast
8.1.1 Analysis by volume of cards in circulation
8.1.2 Analysis by transaction value
8.1.3 Analysis by transaction volume
8.2 Transaction Share Analysis by Channel
8.2.1 Analysis by transaction value
8.2.2 Analysis by transaction volume
8.3 Competitive Landscape
8.3.1 Scheme share analysis
8.3.2 Issuer share analysis

9 Merchant Acquiring

10 Company Profiles of Card Issuers
10.1 Allied Irish Banks (AIB)
10.1.1 Key financials
10.1.2 Card portfolio
10.1.3 Strategies
10.2 Bank of Ireland (BOI)
10.2.1 Key financials
10.2.2 Card portfolio
10.2.3 Strategies
10.3 Ulster Bank
10.3.1 Key financials
10.3.2 Card portfolio
10.3.3 Strategies
10.4 Permanent TSB
10.4.1 Key financials
10.4.2 Card portfolio
10.4.3 Strategies

11 Appendix
11.1 Methodology
11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric’s Services
11.5 Definitions
11.6 Disclaimer

List of Table

Table 1: Irish Payment Instruments (EUR Billion), 2009–2013
Table 2: Market Entry Strategies of Foreign Banks in Ireland
Table 3: Irish Card Fraud Value (EUR Million), 2009–2013
Table 4: Cards for Students, 2014
Table 5: Cards for Premium Customers, 2014
Table 6: Cards for Corporate Customers, 2014
Table 7: Ireland Payment Cards Instrument by Card Market (Thousand), 2009–2018
Table 8: Irish Payment Cards Instrument Size by Volume of Cards (Million), 2009–2018
Table 9: Irish Payment Cards Instrument Size by Transaction Value (EUR Billion), 2009–2018
Table 10: Irish Payment Cards Instrument Size by Transaction Value (US$ Billion), 2009–2018
Table 11: Irish Credit Cards Market Size by Volume of Cards (Thousand), 2009–2018
Table 12: Irish Credit Cards Market Size by Transaction Value (EUR Billion), 2009–2018
Table 13: Irish Credit Cards Market Size by Transaction Value (US$ Billion), 2009–2018
Table 14: Irish Credit Cards Market Size by Transaction Volume (Million), 2009–2018
Table 15: Irish Personal Credit Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Table 16: Irish Personal Credit Cards Segment Size by Transaction Value (EUR Billion), 2009–2018
Table 17: Irish Personal Credit Cards Segment Size by Transaction Value (US$ Billion), 2009–2018
Table 18: Irish Personal Credit Cards Segment Size by Transaction Volume (Million), 2009–2018
Table 19: Irish Commercial Credit Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Table 20: Irish Commercial Credit Cards Segment Size by Transaction Value (EUR Million), 2009–2018
Table 21: Irish Commercial Credit Cards Segment Size by Transaction Value (US$ Million), 2009–2018
Table 22: Irish Commercial Credit Cards Segment Size by Transaction Volume (Million), 2009–2018
Table 23: Irish Debit Cards Market Size by Volume of Cards (Million), 2009–2018
Table 24: Irish Debit Cards Market Size by Transaction Value (EUR Billion), 2009–2018
Table 25: Irish Debit Cards Market Size by Transaction Value (US$ Billion), 2009–2018
Table 26: Irish Debit Cards Market Size by Transaction Volume (Million), 2009–2018
Table 27: AIB – Key Financial Indicators (EUR Billion), December 2012 and 2013
Table 28: AIB – Card Product Offerings and Key Features
Table 29: BOI – Key Financial Indicators (EUR Billion), December 2012 and 2013
Table 30: BOI – Card Product Offerings and Key Features
Table 31: Ulster Bank Group – Key Financial Indicators (EUR Billion), December 2012 and 2013
Table 32: Ulster Bank – Card Product Offerings and Key Features
Table 33: Permanent TSB – Key Financial Indicators (EUR Billion), December 2012 and 2013
Table 34: Permanent TSB – Card Product Offerings and Key Features
Table 35: Key Definitions

List of Chart

Figure 1: Benchmarking the Irish Payment Cards Instrument Against Other Markets in European Region
Figure 2: Ireland – Growth of Various Card Categories in Terms of Number of Cards in Circulation (%), 2009–2018
Figure 3: Irish ATM Penetration, 2009–2018
Figure 4: Irish POS Terminals Penetration, 2009–2018
Figure 5: Irish Internet Penetration (Users per 100 Inhabitants) (%), 2009–2018
Figure 6: Ireland – Number of EMV Cards (Million), 2009–2013
Figure 7: Irish M-Payment Value (EUR Million), 2009–2018
Figure 8: Irish E-Commerce Value (EUR Billion), 2009–2018
Figure 9: Retail Sales Value in Ireland (EUR Billion), 2009–2018
Figure 10: Irish Nominal GDP per Capita (US$ Thousand), 2009–2018
Figure 11: Irish Real GDP Growth Rate (%), 2009–2018
Figure 12: Irish Inflation Rate (Consumer Price Inflation) (%), 2009–2018
Figure 13: Share of Irish Payment Instruments in Terms of Transaction Value (%), 2009 and 2013
Figure 14: Irish Card Fraud Shares in Terms of Transaction Value (%), 2009 and 2013
Figure 15: Irish Card-Not-Present Fraud Value (EUR Million), 2009–2013
Figure 16: Irish Counterfeit Card Fraud Value (EUR Thousand), 2009–2013
Figure 17: Irish Lost or Stolen Card Fraud Value (EUR Thousand), 2009–2013
Figure 18: Irish Cards and Payments Industry Segmentation by Card Type
Figure 19: Irish Volume of Outbound Trips (Million), 2009–2018
Figure 20: Irish Outbound Tourist Spending (EUR Billion), 2009–2018
Figure 21: Irish Payment Cards Instrument by Card Market In Terms of Number of Cards in Circulation (%), 2009–2018
Figure 22: Irish Payment Cards Instrument Size by Volume of Cards (Million), 2009–2018
Figure 23: Irish Payment Cards Instrument Size by Transaction Value (EUR Billion), 2009–2018
Figure 24: Irish Credit Cards Volume and Penetration, 2009–2018
Figure 25: Irish Credit Cards Market Size by Volume of Cards (Thousand), 2009–2018
Figure 26: Irish Credit Cards Market Size by Transaction Value (EUR Billion), 2009–2018
Figure 27: Irish Credit Cards Market Size by Transaction Volume (Million), 2009–2018
Figure 28: Irish Credit Card Transaction Value by Channel (EUR Billion), 2009–2018
Figure 29: Irish Credit Card Transaction Volume by Channel (Million), 2009–2018
Figure 30: Irish Personal Credit Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Figure 31: Irish Personal Credit Cards Segment Size by Transaction Value (EUR Billion), 2009–2018
Figure 32: Irish Personal Credit Cards Segment Size by Transaction Volume (Million), 2009–2018
Figure 33: Irish Commercial Credit Cards Segment Size by Volume of Cards (Thousand), 2009–2018
Figure 34: Irish Commercial Credit Cards Segment Size by Transaction Value (EUR Million), 2009–2018
Figure 35: Irish Commercial Credit Cards Segment Size by Transaction Volume (Million), 2009–2018

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