Card payments are expected to rise by 8.7% in Ireland this year, to surpass €114.8 billion, according to new research by GlobalData.
Despite economic headwinds, not to mention the imposition of tariffs by the United States, Ireland’s strong banking infrastructure, high adoption of electronic payments, and a continued decline in cash use are all prompting consumers to switch to card payments.
“Ireland’s payment card market is growing while cash usage declines,” commented Ravi Sharma, lead banking and payments analyst at GlobalData. “Propelled by a substantial banked population, government initiatives promoting financial inclusion, and advancements in banking infrastructure, the adoption of payment cards is high in Ireland. Meanwhile, new geopolitical events such as imposition of US tariffs carry the risk of triggering trade wars, pose challenge for Irish economy and, consequently, its payment market.”
Card payments in Ireland rose by 11.4% in 2023 and by an estimated 14.1% in 2024, pushing the market to around €105.7 billion. However, this rate of growth is expected to slow this year, due to the broader global macroeconomic situation.
Consumer confidence
As GlobalData noted, the Irish League of Credit Unions reported a dip in consumer confidence in March 2025 amid concerns about tariffs impacting household finances and employment.
‘Consumers are worried that household finances could be affected by weaker employment and a tighter fiscal position that could influence the consumer spending and in turn card payments market,’ GlobalData said.
Debit cards remain the preferred payment method for Irish consumers, with widespread issuance from banks, while credit cards and charge cards are also gaining popularity as consumers leverage benefits like rewards and instalment plans. Contactless payments are also growing in popularity, with recent data from the Banking & Payments Federation Ireland indicating that in 2024, 87.1% of domestic POS card payments were contactless, making up 58.5% of payment value, with an average of 296 contactless transactions per person.
Looking ahead
The card payments market in Ireland is expected to continue growing, reaching €153.9 billion by 2029 at a compound annual growth rate of 7.6%.
“Looking ahead, the total card payments market in Ireland is expected to continue its upward trajectory, driven by the ongoing government initiatives, improving payment infrastructure and a consumer shift towards electronic payments,” Sharma added. “However, the ongoing geopolitical change due to US tariffs can have an impact on country’s card payments market.” Read more here.
