24 March 2026
By Roger Kennedy
roger@TheCork.ie
Opinion
Alternative lending is growing rapidly, especially in Ireland, where the market for such loans is projected to reach $899.1 million. But this sudden increase in popularity is not limited to loans; many Irish people are increasingly using online platforms in their everyday lives, and this article will look at them in detail and compare them with US trends.
The Digital Leap By the Numbers
Irish digital consumer behavior clearly shows that the country has quietly become one of the most digitally active. Internet banking and mobile banking increased to 94%, up seventeen percentage points from last year. It’s the second most common online activity, just behind email.
Ireland ranks #1 for e-commerce adoption. 96% of users make online purchases, which is higher than the EU average of 77-78%. And if we compare the dynamics, in 2014, just over 60% of internet users bought something online, representing a 36% increase.
Nearly the same can be said for digital payments, where, in the 21 months to June, mobile transactions totalled 893 million, up 19.7% from 2024. All this really means one thing: online services are actively growing, and, in this sense, Ireland follows the US footsteps.
The US Trends and How Ireland Mimics Them
The US market changed even before the Irish did. In 2024, mobile shoppers spent $564 billion on purchases, which was a 4.8% year-on-year increase. More and more people started using in-store digital wallets, with the number increasing by 28%. BNPL became so popular that 25 million Gen Z customers were actively using it.
With fintech companies changing the market, it became clear that banks were no longer needed. In 2025 alone, 48% of applicants were rejected when applying. And all those who were rejected chose online platforms and digital lenders, with COVID accelerating the shift.
As a result, between 2017 and 2021, roughly 9% of all U.S. bank branch locations closed. That meant the loss of 7,500 branches, which was very convenient for online lenders. And this is the template that Ireland mimics.
Traditional banks also started exiting the Irish market. A prime example is Ulster Bank, which left in 2023 due to poor financial figures. And with the market being vacated, fintech firms like Revolut are taking over and filling the gaps.
Short-Term Financing and How It Grows
In the United States, online financial services have ceased to be a niche product. Today, they are used by anyone who needs money quickly and for a short period. After 2019, “buy now, pay later” (BNPL) services grew rapidly, and according to the Consumer Financial Protection Bureau, in 2022, more than one in five borrowers used them.
Digital loans addressed the most important needs of modern consumers — speed and minimal paperwork. A representative from Tremplo County notes that “many users today prefer handling financial matters digitally, especially when dealing with short-term needs that come up unexpectedly.” In this context, the emphasis is less on speed itself and more on convenience and the ability to manage everything without visiting a physical location.
Ireland is moving in the same direction. The Central Bank of Ireland notes that BNPL is already actively used both online and in physical stores. Some financial companies have also moved into the online space and created mobile applications. Overall, the picture mirrors the U.S.: short-term financial solutions are becoming more digital, accessible, and do not require visiting a bank.
The Road Ahead
Even though Ireland didn’t exactly plan to follow the US example, similar challenges created an all-too-familiar shift; now the market looks nearly identical, with fewer bank branches, more online lenders, and customers who want loans on their own schedule, not the other way around.
The speed with which this change is wrapping up is especially noteworthy. The US took some years to satisfy its citizens’ demands properly, and in Ireland, everything’s happening in half the time. The population is already used to doing everything online, so why visit the bank when you can take 30 minutes to get a loan?
For regular consumers, it means more options, control, and less dependence on traditional institutions. Ireland is already changing, and with it, the financing landscape.
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