Ireland’s payment and fintech sector has seen massive growth, giving birth to new companies across various verticals. According to an article from Fintech Futures, some of these verticals include online payment processing, payment gateways, blockchain and digital assets, and cross-border payments.
As a result, Ireland is now considered an important payments hub, where global heavyweight organizations such as Elavon, Stripe, Mastercard, and PayPal call home.
With the outgrowth of challenger/neo/digital institutions, Ireland stands at the forefront of this trend. More companies are investing heavily in providing consumers with more digitally-focused and personalized banking services than traditional banking institutions are.
Specifically, neobanks have grown in popularity as consumers continue to adopt more technology, such as mobile apps, in their daily lives. We have written how other major players, such as Walmart, are keen on entering this space.
Another selling point for Ireland is its focus on research and development. Research as well as innovation are the powerful forces that are making a significant impact on Ireland’s payments ecosystem. Emerging technologies such as blockchain are also entering the scene. This technology will also set the stage for more advancements to come.
It is this forward focus on technology that will continue to drive investment dollars into Ireland’s shores.