Better integrated digital systems could unlock additional €290-€300 million in tourism revenue annually, according to MasterCard.
New research commissioned by the company claims that “fragmented” payment systems are costing SMEs time, visibility, and revenue.
The US-based payment company d that by having different payment systems across the business – for example, one for online reservations and another for on-site transactions – firms are losing the ability to reconcile transactions and understand customer behaviour better.
MasterCard believes that moving towards “full digital integration” is particularly urgent for small and medium sized businesses in regional and rural Ireland.
E-commerce has been adopted by 37.5% of businesses nationwide but less so in rural areas.
While most businesses now maintain a basic online presence, a smaller proportion – just over four in 10 – offer more advanced functionality such as online booking or purchasing, the MasterCard research said.
“Digital payments, when fully integrated, give small businesses the tools to compete, grow, and thrive in a digital-first market,” said President of MasterCard UK & Ireland Simon Forbes.
The report also highlights the rapidly evolving consumer expectations, with mobile and tap-and-go payments becoming a norm.
Meanwhile, small firms might be lacking their own technical resources to connect all their payment systems.
In recent months, the European Central Bank has been promoting its own digital payment project – the digital euro, which would be available for person-to-person transactions, online transactions, as well as at shops.
European policymakers argue that full dependency on foreign payment systems exposes the bloc to geopolitical tensions.
