The Central Bank seeks information from businesses who accept payments from retail customers
As part of an ongoing study, The Central Bank of Ireland is currently seeking information from SMEs, micro enterprises, sole traders and large enterprises who accept payments from retail customers as part of their day-to-day business.
The Central Bank of Ireland study on the Cost, Usage and Efficiency of Retail Payments in Ireland, is being carried out on foot of a recommendation under the National Payment Strategy.
The first phase of the project involved payment services providers and acquirers responding to a survey on their provision of services in the Irish market.
The current phase focuses on the demand side and seeks information from SMEs, micro enterprises, sole traders and large enterprises who accept payments from retail customers as part of their day-to-day business.
The Central Bank aims to address the gap in data on how much it costs to offer various payment methods such as cash, card and credit transfers to consumers, as well as how the usage breaks down between cash and electronic payments and what the advantages and disadvantages are of offering these payment methods.
All data received will be anonymised and aggregated, and will feed into a final report due to be published by the Central Bank in 2026. It is envisioned that the report will outline the average cost per payment method, as calculated using the results of both surveys, which will provide greater transparency and help to inform businesses and consumers when they are choosing to offer or use a particular payment method.
For more information on this study, contact paymentsystemspolicy@centralbank.ie
or follow this link: https://www.centralbank.ie/financial-system/payments-and-securities-settlements/catalyst/cuerps
