Payments: The Powerhouse. Digital Assets: The Headline Act. Where Does Ireland Go Next?

Digital assets are dominating the headlines, with regulatory breakthroughs and new players making waves. But while the spotlight is fixed on crypto and tokenisation, payments remains the engine room of Irish FinTech. This is the sector powering the real economy and attracting global investment at record levels.

Payments: Ireland’s Beating Heart

The numbers from the Central Bank of Ireland are striking. In 2024, Irish payment service providers processed over €11.8 trillion in payments, a twelve percent increase on the previous year. Transaction volumes rose by nearly nineteen percent, driven by new entrants and relentless demand for faster, smarter, and more secure ways to move money. Domestic payments still account for almost seventy percent of all activity, valued at €4.8 trillion. The number of regulated payment and e-money institutions has tripled in the past seven years, reaching fifty-six authorised firms at the end of 2024. Safeguarded funds have increased more than tenfold, now standing at approximately €10.2 billion. There is also a strong pipeline of firms seeking authorisation, and passporting within the European Economic Area continues to be a significant feature of new applications.

Card payments are another area of rapid growth. In 2024, the value of card payments increased by over twenty-five percent, reaching €149.8 billion. The volume of card transactions hit three billion, up almost seventeen percent from the previous year. Online card payments are increasingly popular for both domestic and overseas purchases, with electronically initiated transactions now representing more than ninety-four percent of the value and ninety-eight percent of the volume of all card payments.

Digital Assets: From Hype to Institutional Reality

This year, digital assets have moved beyond hype. The introduction of the Markets in Crypto-Assets Regulation, MiCAR, has put Ireland at the centre of Europe’s digital asset conversation. The Central Bank of Ireland initiated a pre-application route for MiCA licences in April 2024, with the first licences becoming effective from December 2024.

Ireland has shortened the MiCA grace period to twelve months, requiring all firms to be licensed by December 2025. This regulatory shift is part of a broader effort to enhance oversight and ensure compliance with EU standards. Firms must now have Irish-based managers who pass fit-and-proper checks, maintain robust incident response and cyber-security plans, and ensure the safe segregation of client assets.

Institutional adoption of digital assets is accelerating. A recent survey by Coinbase and EY-Parthenon found that eighty-six percent of institutional investors globally either have exposure to digital assets or plan to make allocations in 2025. Nearly sixty percent intend to allocate more than five percent of their assets under management to cryptocurrencies this year. Regulatory clarity was cited as the top catalyst for this growth.

FinTech Investment: Ireland Defies Global Trends

While global fintech investment dropped to a seven-year low in 2024, Ireland went against the tide. Irish fintech firms raised nearly $238 million across twenty-five deals, a two hundred ninety-one percent increase from the previous year, according to KPMG Pulse of FinTech report. This surge is not just a rebound from a soft 2023; it reflects the maturing of Ireland’s fintech ecosystem, with investors now favouring mid-stage firms that have proven business models and strong compliance frameworks.

What Is Driving This Dual Momentum?

Regulatory clarity is a major factor. MiCAR, the Instant Payments Regulation, and the AI Act are all reshaping how firms operate, hire, and innovate in Ireland. Market demand is also key. Both businesses and consumers want real-time, borderless, and secure financial services, whether that means instant euro payments or tokenised assets. Talent and trust are now the true differentiators. Firms with credible, empowered local teams are outpacing those who treat Ireland as a postbox jurisdiction.

The Leadership Challenge: Headlines or Substance?

Here is the real question for senior executives. Are you building teams that can win in both arenas, or just following the news cycle?

Payments will remain Ireland’s powerhouse for the foreseeable future, but digital assets are rapidly moving from the margins to the mainstream. The winners will be those who attract and empower senior talent capable of navigating both worlds. Leaders who understand not just the regulatory and technical landscape, but also the cultural and strategic nuances that drive real value.

What Comes Next for Ireland?

Ireland’s FinTech and Financial Services sector stands at a crossroads. The opportunity is to lead, not just in transaction volume or regulatory compliance, but in shaping the next era of financial innovation. That means investing in people, process, and platforms that can deliver across payments, digital assets, and beyond.

Which sector do you believe will deliver the most impact in the second half of 2025, and why? Are you seeing the talent and leadership needed to capitalise on this dual momentum?

Let’s hear your view.

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