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Ireland
Ireland, a highly developed country in Western Europe, continues to demonstrate significant economic resilience despite global challenges. The country's economy is diverse, with strong sectors in technology, pharmaceuticals, financial services, and agriculture. Economic growth in Ireland is expected to recover and strengthen, supported by strategic investments and ongoing economic reforms.
Ireland's GDP contracted by 3.2% in 2023 due to weaknesses in multinational-dominated sectors. However, Ireland’s GDP growth is projected at 1.2% in 2024 and 3.6% in 2025, driven by consumer demand recovery, foreign investment, and strong export performance. Modified domestic demand is expected to grow by 1.7% in 2024 and 2.4% in 2025, reflecting underlying domestic economic activity.
Inflation in Ireland is easing, decreasing from 5.2% in 2023 to 1.9% in 2024 and 1.8% in 2025. The labor market remains robust, with unemployment projected at 4.4%. Real wage growth is expected to turn positive, supporting household incomes and consumer spending.
Ireland's fiscal policy remains strong, with a budget surplus of 1.7% of GDP in 2023, slightly declining to 1.3% in 2024. Public debt is projected to fall from 43.7% of GDP to 42.5%. Government spending focuses on infrastructure, healthcare, and education, promoting long-term economic stability and sustainable growth in Ireland.
Top banks
Bank of Ireland
Bank of Ireland is one of the largest banks in the country, offering a wide range of financial services to individuals and businesses.
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AIB (Allied Irish Banks)
AIB provides comprehensive banking products and services, including retail banking, corporate banking, and investment services.
Ulster Bank
Ulster Bank is a significant player in the Irish banking sector, offering various financial services and maintaining a strong market presence.
Permanent TSB
Permanent TSB offers a variety of banking and financial services, focusing on both retail and corporate clients.
N26
N26 is a German digital bank founded in 2013, operating entirely online without physical branches. Known for its user-friendly mobile app, N26 offers a range of financial services, including checking accounts, savings tools, personal loans, and insurance. The bank focuses on simplicity, transparency, and ease of use, providing customers with a seamless mobile banking experience. It operates in multiple European countries and the United States, and is regulated by financial authorities in each region. N26 is particularly popular for its low fees, international money transfers, and innovative features like real-time notifications and spending insights.
Top payment methods
Paybybank
At checkout, when you select Pay by Bank as your online payment method, you can securely pay directly from your bank account. Simply choose your bank, which generates a secure payment link to authorize the transaction. Once authorized, you are redirected back to the checkout page. No card details, no account creation, and no personal financial information are shared, making Pay by Bank a safe, fast, and convenient online payment solution.
This digital banking payment solution is offered by PayOp, covering almost all of Europe and competing with top online payment providers in the e-commerce and fintech market.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
Ireland's economy is poised for continued recovery and growth, supported by a diverse payment landscape and robust economic fundamentals. As the country navigates through global economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash
While digital payments grow, cash remains widely used in Ireland for small purchases, local markets, and services. Irish consumers value convenience and security, supporting retail cash transactions, contactless cash alternatives, and hybrid offline payment methods.
Cards:
Credit and debit cards dominate Ireland’s retail and eCommerce markets. Irish banks and fintechs provide secure card payment solutions, including contactless, mobile card payments, and online card processing, enhancing consumer convenience and promoting digital financial services.
APM"s:
Ireland’s APM solutions include bank transfers, mobile wallets, and e-invoicing systems. Irish businesses leverage alternative payment options to enhance online checkout, reduce fraud, and meet growing eCommerce payment demands, supporting fintech innovation.
Cryptocurrency:
Cryptocurrencies like Bitcoin, Ethereum, and stablecoins are increasingly used in Ireland. Crypto payments are integrated with merchants and fintech platforms, providing secure digital transactions, blockchain-based payments, and modern eCommerce payment solutions for Irish consumers.
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