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SUMMARY
Overview
Introduction
Payment Cards in Ireland is an invaluable guide to one of the key European
card markets. Created using a combination of secondary and primary research,
this report provides statistics on market size, competitor market shares and
card acceptance. It also provides an overview of regulation, competitor
activities and product innovation. It concludes with an analysis of the Irish
market.
Scope
- The focus of the report is on consumer payment cards, as opposed to
commercial cards.
- Data and analysis provided on debit cards, credit cards and charge cards.
- The report parameters extend to card issuance only. Merchant acquiring and
card processing are not covered.
- Historic market data is presented for 2002-06, with forecast data
presented to 2010. Competitor shares for card issuers are presented for 2006.
Report Highlights
Overall, the payment card market in Ireland has enjoyed strong growth over the
last five years; this is particularly true of the pay now market. Card
issuance in the pay now market has grown at an annual average rate of 13.9%
compared to 5.6% in the pay later market.
Ireland has reached full migration to EMV. A public awareness campaign was
launched leading up to March 17, 2007, St Patrick's Day, after which
cardholders had to the use chip and PIN facility and could no longer sign for
purchases at the POS.
The Irish market is becoming more competitive. Fortis entered the market in
2007 by forming a joint venture with the Irish post office, An Post, and has
begun offering credit cards. At the same time, Halifax launched its first
current account for Irish consumers and introduced Ireland's first
Visa-branded debit card.
Reasons to Purchase
- Learn how the Irish consumers payment card market has developed over the
last five years.
- Understand recent developments in the market in terms of consolidation,
new entrants and product innovation.
- Find out Datamonitor's view on the future growth rate in the Irish payment
card markets including, debit, credit and charge.
TABLE OF CONTENTS
- Overview
- Executive Summary
- Introduction
- Market context
- Competitor and product overview
- Forecasting the payment card market in Ireland
- Table of Contents
- Table of figures
- Table of tables
- INtroduction
- What is this report about?
- Scope of the report
- Structure of report
- Market Context
- Introduction
- Country overview
- Demographics
- Economy
- GDP
- Sectoral composition of the economy
- Inflation
- Distribution of income (GINI Coefficient)
- Unemployment
- Market size
- Penetration of cards
- Cards in issue
- Number of transactions
- Value of card transactions
- Average transaction values
- Balances outstanding
- Card acceptance
- ATM statistics
- POS statistics
- Market structure
- Commercial banks
- Building societies
- Regulatory environment
- Industry regulators
- Central Bank and Financial Services Authority of Ireland (CBFSAI)
- Industry associations
- Irish Bankers' Federation (IBF)
- Irish Payment Services Organization (IPSO)
- Other noteworthy organizations
- Irish Bank Officials Association (IBOA)
- Credit bureaus
- Irish Credit Bureau (ICB)
- Experian
- Regulatory issues in the market
- European Consumer Credit Directive (CCD)
- Despite being well intentioned, there are key problems with the
directive
- Stamp duty on payment cards
- Consumer Protection Code
- Unsolicited contact will be restricted
- Key issues
- SEPA
- After missing the original deadline banks have agreed a new SEPA
start date
- Laser domestic cards are compliant with SEPA Cards Framework in time
for migration in 2008
- Irish issuers are starting to roll out SEPA-compliant debit cards
- Fraud and EMV
- Competitor and Product Overview
- Introduction
- Card scheme market shares
- Pay now cards
- Cards in issue
- Value of transactions
- Credit cards
- Cards in issue
- Value of transactions
- Charge cards
- Cards in issue
- Value of transactions
- Card issuer market shares
- Debit cards
- Credit cards
- Cards in issue
- Balances outstanding
- Charge and deferred debit cards
- Competitor developments
- Consolidation of the Irish market
- Some domestic banks have looked outside Ireland for expansion
- New entrants
- Danske Bank buys National Irish Bank from National Australia Bank
- Fortis and An Post enter into joint-venture to provide retail
banking services
- Product analysis
- Credit card design
- Credit card features and fees vary according to the card issuer
- Loyalty programs
- Points-based loyalty programs
- Cashback loyalty programs
- Cards linked to airline reward program
- Product innovation
- Several issuers introduced cards with alternative designs and feel
- Bank of Ireland offers 2-in-1 credit card
- AIB offers a 'be' MasterCard/Visa card, which rewards customers who
use their card
- Prepaid cards are starting to make their mark
- Forecasting the Payment Card Market in Ireland
- Introduction
- Forecasting the pay now card market
- Forecasting the credit card market
- Forecasting the charge card market
- Conclusions
- The Irish market is growing strongly and is becoming more competitive
- The Irish market is dynamic and has scope for future growth
- Irish issuers are committed to SEPA migration
- Stamp duty levied on payment cards is set to be cut
- The Irish market is becoming more competitive
- APPENDIX
- Supplementary data
- Market context
- Forecasting the payment card market in Ireland
- Definitions
- AAGR
- Affinity card
- CAGR
- Co-branded card
- Credit card
- Deferred debit and charge card
- EMV
- EPC
- ePurse
- Merchant Service Charge
- Pay now cards
- PoS terminal
- Private label cards
- Methodology
- Cards and Payments Database
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: GDP per capita for selected European countries, 2006
- Table 2: GINI Coefficient for selected European countries
- Table 3: Interest rates, annual fees and interest free period on
selected credit cards, 2008
- Table 4: Fees and limits for the 3V Visa prepaid vouchers, 2008
- Table 5: Datamonitor's forecast for the pay now card market, 2007-11f
- Table 6: Datamonitor's forecast for the credit card market, 2006-11f
- Table 7: Datamonitor's forecast for the charge card market, 2006-11f
- Table 8: Population numbers and demographic splits in Ireland and
other major European countries, 2006
- Table 9: Population over 20 in Ireland and other major European
countries, 2006
- Table 10: GDP at current rates across European countries, 2006
- Table 11: Real GDP growth rates based on constant rates to 2000,
2002-06
- Table 12: Inflation in selected European countries, 2002-06
- Table 13: The total number of ATM terminals and the number of people
per ATM, 2002-06
- Table 14: The total number of POS terminals and the number of people
per terminal, 2002-06
- Table 15: Penetration level of cards in selected European countries,
2006
- Table 16: Credit card balances outstanding, 2002-06
- Table 17: Pay now card forecasts indexed to 2006
- Table 18: Credit card forecasts indexed to 2006
- Table 19: Charge card forecasts indexed to 2006
- Table 20: Current relevant Datamonitor publications, 2007
- Table 21: Future relevant Datamonitor publications, 2008
- List of Figures
- Figure 1: Overview of Ireland, 2006
- Figure 2: Ireland has one of the smallest populations in Europe, 2006
- Figure 3: Ireland has one of the lowest proportions of population over
the age of 20 in Europe, 2006
- Figure 4: Ireland has the smallest economy among the sample of
European countries shown, 2006
- Figure 5: Services and agricultural sectors are the major contributors
to Ireland's GDP, 2002
- Figure 6: Inflation in Ireland has been rising in since 2004, 2002-06
- Figure 7: The penetration of cards in Ireland is lower then in the
majority of countries in Western Europe, 2006
- Figure 8: In terms of card numbers, pay later cards are becoming
increasingly dominant, 2002-06
- Figure 9: Pay now cards dominate in terms of transaction numbers,
2002-06
- Figure 10: Pay now cards are used much more frequently than pay later
products, 2002-06
- Figure 11: The value of credit card transactions is growing ever more
quickly, 2002-06
- Figure 12: Average transaction values are highest on credit cards,
2002-06
- Figure 13: Credit card balances outstanding grew by CAGR 15.9% over
2002-06
- Figure 14: The ATM network in Ireland has grown significantly over the
last five years, 2002-06
- Figure 15: POS terminal network in Ireland has improved in 2006,
2002-06
- Figure 16: Regulatory overview of Ireland, 2006
- Figure 17: The proportion of Laser cards that are dual-badged with
Maestro is 23.9%, 2002-06
- Figure 18: Maestro-branded pay now cards account for 41% of pay now
transaction values, 2002-06
- Figure 19: Visa is dominant scheme in terms of credit card numbers,
2002-06
- Figure 20: Visa is the leader in terms of value of transactions,
2002-06
- Figure 21: Visa dominates the charge card market in Ireland, 2002-06
- Figure 22: Visa also dominates charge card spend, 2002-06
- Figure 23: Allied Irish Bank dominates the pay now market, 2006
- Figure 24: Allied Irish Bank dominates the credit card market in terms
of cards in issue, 2006
- Figure 25: Allied Irish Bank is also the leading credit card issuer in
terms of balances outstanding, 2006
- Figure 26: Allied Irish Bank is also the leading charge card issuer in
terms of balances outstanding, 2006
- Figure 27: Mergers and acquisitions in the Irish banking market,
2000-07
- Figure 28: Examples of credit cards linked to reward programs in the
Irish market, 2006
- Figure 29: Increased card usage and spend will drive the pay now
market, 2006-11f
- Figure 30: Increased card usage will drive the credit card market,
2006-11f
- Figure 31: The charge card market is expected to decline over the
coming years, 2006-11f
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