Ireland’s payments sector is poised for heightened competition as reports emerge that UK-based PaymentSense intends to apply to the Central Bank for an e-money license.
PaymentSense, which provides merchants with card terminals for contactless payments, already has a presence in Ireland. If successful in securing its license, the company could expand its service offerings to include e-money services, competing with the likes of Stripe, Square, and SumUp. This would also enable PaymentSense to provide these services across the EU and EEA due to passporting regulations.
Currently, PaymentSense serves as an intermediary for Valitor, an Icelandic payments provider that’s already registered in Ireland as an e-money institution. Valitor was recently acquired by Israeli startup Rapyd.
This development is expected to intensify competition in the Irish payments market, particularly as a reported 134% increase in card processing fees has prompted several businesses to voice their concerns. For example, Irish building supplies firm HPC has reported a staggering 130% rise in card payment charges, totaling over €400,000 in the past year.