Country _ Name
Payment services
FinTechs belonging to this category offer alternative payment services which are supposed to provide a faster and cheaper way for national, European, and international payments for private and business customers by using new technologies.

For example, payment service providers hereby offer solutions to easily integrate several payment services in online shops.

Some FinTechs furthermore provide real cash register systems and online-reservation solutions for restaurants and shops providing their own payment services or making use of the payment services of FinTechs described above.


Attitude of the country towards modern payment services

The government of Ireland is strongly supportive of FinTech including payment services and e-money firms and its International Financial Services Sector Strategy (Ireland for Finance 2025) has stated its commitment to developing Ireland as a global leader in the financial services sector.

Many of the leading FinTech and payments firms are located in Ireland with the technology sector employing over 105,000 people, leveraging the ecosystem built up over many years consisting of:

  • Educated, skilled and multilingual staff
  • Access to EU talent pool
  • Competitive corporation tax of 12.5%
  • Comprehensive double taxation treaty network
  • Knowledge development box (tax rate of 6.25%)
  • R&D tax credit
  • Committed member of the EU and only English-speaking country in the Eurozone
  • Common law jurisdiction
  • EU regulatory passporting
  • Strong independent regulator delivering high quality independent effective financial authorisation and supervision

Legal affairs

Obligations and requirements to provide payment services or ancillary services described above

The provision of payment services is a regulated activity requiring authorisation under the European Union (Payment Services) Regulations 2018 (the PSD Regulations) which transpose Directive 2015/2366/EU (PSD2) into Irish law.

Payment institutions must hold an initial capital requirement of between €25k and €125k depending on their category of authorisation.

An own funds capital requirement also applies calculated based on the initial capital requirement and the previous years fixed overheads or the previous years’ payment transactions.

The Central Bank of Ireland commits to dealing with an application for authorisation within approximately 100 working days subject to any requests for additional information.

Additional comments regarding the legal situation for payment services or what FinTech’s must be aware of in this business area

Ireland has seen a growth in the number of FinTechs, including payment institutions establishing here since Brexit, which has been positive for the industry here in Ireland. The Central Bank of Ireland welcomes the establishment of new operators in Ireland but requires such applicants to have a clear substance and establishment in Ireland with senior management based and managing the institution from Ireland and will not authorise “letter box” entities. Outsourcing and dual-hatting is permitted where reasonable and justified by reference to the institutions business plan and operations.

Economic conditions

Market size for payment services and biggest payment service providers

During 2020, 2.14 billion payment transactions were recorded by Irish resident payment service providers (PSPs), a 12% increase from 2019. This amounted to just over €7.58 trillion, representing a 52% increase on the €4.97 trillion recorded during 2019 [Source: Central Bank of Ireland – Payment Statistics 2020].

Domestic payments (within Ireland) accounte



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