Skip to main content
Sign in
Create Account
Cart
Toggle navigation
Loading
Home
Hidden
Home
2
Guides
/
Global FinTech Guide
Name
Global FinTech Guide
Country _ Name
Ireland
SectionTitle
Payment services
Body
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.
Introduction
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
Loading
BackToCountry
Hidden
Hidden
Back to country
Ireland
2
Switch country
Global overview
Authors
Loading
Name
Organisation
Email
Hidden
Hidden
Simon O'Neill
Philip Lee LLP
[email protected]
0
2219
Eoghan Doyle
Philip Lee LLP
[email protected]
0
2219
Andrew Tzialli
Philip Lee LLP
[email protected]
0
2219
Close
Choose country
Loading
Country
Hidden
Hidden
Albania
157
2
Argentina
502
2
Australia
172
2
Austria
667
2
Bosnia and Herzegovina
187
2
Canada
142
2
Chile
232
2
China
247
2
Colombia
262
2
Costa Rica
277
2
Croatia
292
2
Czech Republic
802
2
Dominican Republic
831
2
Egypt
307
2
France
712
2
Germany
202
2
Hong Kong
727
2
Hungary
337
2
Ireland
682
2
Italy
322
2
Korea, Republic of
352
2
Malaysia
652
2
Mexico
622
2
Montenegro
367
2
New Zealand
382
2
North Macedonia
427
2
Peru
412
2
Philippines
397
2
Poland
472
2
Portugal
487
2
Romania
787
2
Serbia
457
2
Slovenia
517
2
Spain
532
2
Switzerland
697
2
Thailand
547
2
Turkey
742
2
United Kingdom
772
2
United Rep of Tanzania
757
2
United States
577
2
Uruguay
562
2
{1}
##LOC[OK]##
{1}
##LOC[OK]##
##LOC[Cancel]##
{1}
##LOC[OK]##
##LOC[Cancel]##