Irish Financial Review

PayPal to offer debit cards

PayPal and Visa have announced an extension of their strategic partnership to Europe.


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A growing number of fintech companies are targeting consumers for day-to-day banking services.

PayPal, under its banking license in Europe, will join the Visa network allowing consumers to pay directly with their ewallet funds wherever Visa is accepted. The European partnership will also make it easier for financial institutions who accept PayPal payments to offer Visa checkout options too.

Businesses who accept either payment method will be able to offer both, allowing the two companies to grow exponentially on the European market.

Most importantly, PayPal will have the ability to issue debit cards to European consumers and businesses. In the future, this would make it possible for PayPal customers to use their ewallet funds wherever Visa is accepted worldwide. Furthermore, clients will be able to transfer funds to their debit accounts in real time across multiple markets.

Across Europe, a growing number of non-bank services and financial technology (fintech) firms are eyeing up lucrative market opportunities in the personal financial sector, including Facebook, Samsung and Apple.

Are these Brexit brands bad for Irish families?

One pro-Brexit brand gets reduced  9% VAT while Irish consumers pay full price

A number of UK brands that operate successfully across the Irish market are big supporters of Brexit. Over the coming weeks and months, we will be examining how their Brexit support may impact the Irish economy and Irish families in the coming years.

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Mr. Simon Wolfson of Next is a major Brexit supporter

Next – the boss of Next, Mr. Simon Wolfson has been a major backer of the Brexit campaign. In today’s edition of the UK Independent newspaper, Mr. Wolfson is quoted as saying that he has “no regrets about backing Brexit“. However, since the Brexit vote, a growing number of UK brands have raised their concerns with the UK Tory Government about the return to a hard border between Ireland (and the EU) and the UK. The long-term return of such a border would have a significant social and economic impact across the Irish economy. But Mr. Wolfson does not appear to care.

Wetherspoon – this brand has been looking to expand it’s foothold in the Irish economy and is currently a beneficiary of the reduced 9% VAT rates across the hospitality sector. But, rather than thank Ireland for lower VAT rates, head of Weatherspoons has been a vitriolic critic of the EU and everything it stands for. That man is Tim Martin and he has used highly derogatory and inaccurate language calling the EU’ a body of unelected apparatchiks“. Mr. Martin is of course completely wrong. EU parliamentarians are of course elected by EU citizens in the EU parliament elections and various agencies within the overall framework are established at the direction of the EU Parliament. Weatherspoons operates a number of pubs in Dublin and Cork including The Forty Foot in Dun Laoghaire, The Great Wood in Blanchardstown, The Old Borough in Swords and The Linen Weaver in Cork. Tim Martin clearly does not care about the impact a hard Brexit will have on the Irish economy and the health of the Irish economy.

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Mr. Tim Martin has been incorrectly described EU parliamentarians and ‘unelected’ and has been a leading Brexit campaigner despite owing a number of pubs in the Republic of Ireland

In summary

As it stands, the so-called ‘hard Brexit’ advocated by Tory Prime Minister Theresa May will result in a significant loss of jobs across Ireland. For Irish consumers, in order to protect their personal financial well-being, they need to start thinking about the financial impact on them and their families. Brands that support Brexit have a right to their positions. But Irish consumers would do well to understand what those positions really mean to them and their families.

More to follow.

Using summer to teach kids about money

By: Frank Conway

When the new CEO of Coca-Cola, James Quincey took over the reins of this mega-brand, one of his first announcements to staff was his ambition to foster a new corporate culture; where making mistakes was OK. According to Mr. Quincey, it is through mistakes that we really learn. The same can be said for good money management.

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Teaching kids about money can provide a critical life skills

When it comes to learning about money, it is important to learn the essentials, including budgeting, planning, how compound interest works and the nuances of diversification. So getting kids in on the act from an early age and providing them an opportunity to learn from mistakes will reap many benefits.

Following are some essential tips parents can use to help their child learn about money…and how to manage it effectively:

  1. Let Your Child Make Mistakes
    Sometimes the best lesson comes from a poor decision, especially when your child is young and the financial loss won’t be so great. Next time your child receives a windfall of money, let them do as they please. If they want to spend it all, let them! But when the money is gone, let there be no rowing back and giving them some more if and when they ask…let them learn the loneliness of being penniless…it can serve as a really powerful life lesson that might just make a world of difference later in life.
  2. Open a savings account and teach them about planning, interest and tax in one foul swoop. So, each time they earn a little interest on their savings account, tell them how this is a form of income and when we earn income, we also must pay taxes and this is where the lesson on deposit interest retention tax (D.I.R.T) comes in. D.I.R.T tax is currently set at 39%.
  3. Have a weekly money challenge take them shopping and give them a token money allowance and challenge them to find the best value on 3 groceries. Make it a little fun by selecting the groceries they are most enthusiastic about; ice-cream, cereal, milk. Allow them the freedom to make their purchase but within the limits of their budget and after, review and compare their purchase decision with any store offers they may (or may not) have availed of.
  4. Money discussion time – when it comes to essential money decisions, like planning the next family holiday, use the opportunity to include your kids. Let them see that holidays involve planning and money, this will allow you to communicate the need to plan for important spends.
  5. Teach them the difference between needs and wants – sometimes, we can all be emotional when it comes to things we really want, but do we really need them? For example, while celebrities are often used to promote the most expensive products, less expensive ones be just as good. So, it’s important to teach your kids how they can buy more of the things they need by learning to ignore what celebrities want them to do.

Remember, money is a precious resource but the options to spend it are endless. Kids can learn some great life skills from a young age, these are lessons that will last, and benefit them for a lifetime! For more information, visit

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