UK-based PaymentSense is planning to apply for an e-money license from the Central Bank of Ireland, the Irish Independent reported.
PaymentSense, known for providing merchants with card terminals for contactless payments, is already established in Ireland.
However, the approval of its e-money license application would significantly broaden its scope of services. It would allow PaymentSense to offer e-money services similar to those provided by prominent players like Stripe, Square, and SumUp, according to the report.
Additionally, the license would enable PaymentSense to offer these services throughout the European Union and the European Economic Area, leveraging passporting rules.
Currently, PaymentSense operates as an intermediary for Valitor, an Icelandic payments provider registered in Ireland as an e-money institute.
Valitor was recently acquired by Rapyd, an Israeli startup. This background places PaymentSense in a strong position to expand its offerings in the Irish market.
The potential entry of PaymentSense into the e-money services market comes at a crucial time.
According to the report, the Irish payments market has seen a notable 134% increase in card processing fees, prompting several companies to voice their concerns.
A good example is the Irish building supplies firm HPC, which reported a staggering 130% increase in its card payment charges, amounting to over €400,000 in the past year.
On its website, PaymentSense said it has more than 70,000 customers and processes more than £10 billion every year from at least 250 million transactions.
The company provides payment processing solutions. It offers credit card and electronic payment methods, electronic machines, bill presentment, security, and reporting services.
PaymentSense’s move is expected to intensify competition in the Irish payments sector, potentially leading to more favorable conditions for businesses grappling with high processing fees.
This development could signal a shift in the dynamics of the Irish payments industry, offering more options and possibly better rates for companies and consumers alike.