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.
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Rising popularity of mobile money as a payment instrument
Mobile money is emerging as a popular alternative payment instrument in Ireland Cards and Payments Market. 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 Mobile Money service in June 2014, and AIB launched its Me2U mobile money app in January 2014
Growth of e-commerce
The value of e-commerce in Ireland increased at a review-period CAGR of 26.01%, driven by a rise in both mobile and internet penetration. The key driver is primarily the retail sector; however, travel websites also recorded high growth rates during review period. The leading online or e-commerce websites in Ireland are Linwoods Health Foods, James Whelan Butchers and McElhinney’s Ballybofey Donegal. Globally popular e-commerce sites such as eBay, Apple, Zynga.com, and Amazon also received high volumes of traffic. The value of e-commerce is expected to record a forecast-period CAGR of 13.56%, which in turn add to the growth of Ireland Cards And Payments Market.
Some of the Dominating players in the Market:
- Allied Irish Bank
- Bank of Ireland
- Ulster Bank
- Permanent TSB
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