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Ireland lagging on retail payments Central Bank warns

By March 5, 2024No Comments

Ireland lags other part of Europe when it comes to retail payments, the Central Bank has claimed.

The result is an unsatisfactory situation for both consumers and businesses the regulator has said.

The comments were made by the bank’s deputy governor, Vasileios Madouros, at the Banking and Payments Federation of Ireland (BPFI) organised National Payments Conference this morning.

“Since the last National Payments Plan, a little over a decade ago, there has been remarkable change and innovation in domestic payments,” said Mr Madouros.

“But there are also important areas where Ireland is still lagging behind. Consumers having greater access to payment solutions is dependent on the market grasping the opportunities available.”

“Despite the instant payments infrastructure being available since 2017, material providers of payment accounts in Ireland have not implemented it. For consumers and businesses, this is an unsatisfactory outcome.”

The deputy governor told the conference that Ireland is home to a payments sector that is both growing and innovative.

He added that people here are willing and eager to embrace new technology in payments.

“Yet many of the benefits of technology in relation to payments for domestic consumers and the broader economy remain untapped,” he stated.

“The development of the National Payments Strategy by the Department of Finance offers an opportunity to change that and we, in the Central Bank of Ireland, look forward to playing our part.”

His comments came as the Central Bank published recommendations in response to the Department of Finance’s consultation process around the strategy.

The regulator said its high level priorities regarding the strategy include co-ordinated action to realise the benefits of innovation and integration in the context of Europe, as well as safeguarding cash as a means of payment.

It also wants to security and resilience in payments to be maintained and research and analytic insights to be enhanced.

Article Source – Ireland lagging on retail payments Central Bank warns – RTE

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