Central Bank of Ireland Governor Gabriel Makhlouf, speaking at the Future of Finance Conference in Dublin, identified infrastructure modernization, operational and financial resilience, and responsible innovation as the central policy priorities for the evolving payments system. He said central bank money should remain at the system’s core through initiatives including the digital euro and the use of digital ledger technology in wholesale settlement, while regulation must ensure that banks and new payment providers can continue delivering core services safely. Research published alongside the speech estimates that handling payments costs Irish merchants close to EUR 1 billion annually, with smaller businesses paying disproportionately higher per transaction costs. Close to half of young households most frequently use mobile wallets, and more than half use a digital bank for some financial services, while one fifth of households still use cash most often. Makhlouf emphasized that consumers prioritize security, reliability, trust and fraud safeguards over speed, convenience and cost. He said central banks and regulators will shape the payments ecosystem with the private sector, enabling innovation within safeguards for trust and financial stability.
2026-09-18Central Bank of Ireland
Central Bank of Ireland sets out payments priorities as research estimates merchant costs near EUR 1 billion annually
Central Bank of Ireland Governor Gabriel Makhlouf identified infrastructure modernization, provider resilience and responsible innovation as the main priorities for the future payments system. New research estimates that payments cost Irish merchants close to EUR 1 billion annually, while rapid adoption of mobile wallets and digital banks coexists with continued cash use. Consumers rank security, reliability, trust and fraud safeguards above speed, convenience and cost.