In the foreseeable future, competition may intensify in the payment sector in Ireland, as the British-based company PaymentSense plans to apply to the Central Bank of the said country for a license for electronic money.
The mentioned firm specializes in the implementation of activities to provide merchants with terminals that provide the opportunity to make contactless payment transactions.
It should be clarified that the company is already present in Ireland. However, obtaining a license for electronic money will allow the firm to expand the list of services provided to consumers. In case of successful interaction with the Central Bank of Ireland, the company will be able to offer electronic money services, including Stripe, Square, and SumUp. The license will also allow scaling these offers to any region of the EU or EEA based on the rules for issuing passports.
PaymentSense is currently an intermediary for the Icelandic payment provider Valitor, which is registered in Ireland as an electronic money institute.
If the goal of a British company to obtain a license is achieved, the level of competition will increase in the Irish payment market. Currently, an increase in card processing fees by 134% is recorded in this country. Some consumers of financial services have already commented on the current situation. The Irish construction materials firm HPC reported that over the past 12 months, its card processing fees have increased by 130%, exceeding the €400,000 mark. Against this background, there is a clear desire for consumers to be able to access new offers in the payment market.
As we have reported earlier, Central Bank of Ireland Warns Payment Firms About Governance Problems.
