Key Facts and Figures - Payments Market*
- <100k merchants in Ireland today
- 189k businesses in operation
- 99.8% of them are SME's
- 30m card payments per month
- €24b spent using cards each year
- Banking a cheques cost nearly double a debit card payment
- Average monthly spend on cards in the UK is £40bn
- More than 12,000 new businesses starting each year
Number of businesses in the Ireland (inc. Construction)
Don't be fooled into thinking the growth in numbers of new businesses is bleak in Ireland.
The come down from the construction high masks modest business growth between 2011 and before the recession.
12,000 new businesses being setup in Ireland every year!
The number of Card Payments
Value of Card Payments
The Death of Cash and Cheque
- Continued decline in favor of debit card payments.
- The Irish Government charges stamp duty on cheques of €0.50 each to businesses and consumers irrelevant if they have 'free' banking with their bank.
- Business account holders are charged €0.39 per cheque to bank with AIB and Bank of Ireland.
- Charged €0.48 at Bank of Ireland and €0.45 per €100 to bank cash.
- Card processing is cheaper than banking cheques and cash.