FinanceDublin.com - Open banking: the benefits in boosting adoption in Ireland

There are a number of challenges to be overcome before Ireland can reap the rewards of wide adoption and usage of open banking services writes Prommt’s Donal McGuinness. With digital habits already deeply embedded in Ireland and with the added advantage of an innovative payments and fintech sector, open banking has the potential to enhance user experience, boost adoption, and drive further innovation, benefiting both businesses and consumers he writes.

Ireland’s payments landscape is evolving faster than ever. In 2023 alone, 4.1 billion payments were made - an average of 11 million every day - with digital transactions driving the shift. Contactless payments soared to three million per day, and Ireland now ranks fourth in the EU for ecommerce and internet banking adoption, fueled by over 90% smartphone penetration.

At the same time, Ireland has cemented itself as a fintech powerhouse. It’s the fourth-largest expor....

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