WEALTH September 18, 2026 0 Comments

Makhlouf Drops a Bombshell: Why Ignoring Public Trust in Payments Innovation Could Destroy Your Business Overnight

Ever wonder how the future of money will actually unfold in our digital world? Central Bank of Ireland Governor Gabriel Makhlouf dropped a major truth bomb at the Central Bank’s Future of Finance conference in Dublin—fast-paced payment tech innovation? Sure, it’s exciting, but if it’s not built on rock-solid trust, bulletproof security, and unshakeable resilience, it’s all just smoke and mirrors. You see, as digital banks, fintechs, and new payment forms storm the scene, the payment landscape isn’t just shifting—it’s flipping upside down. Makhlouf is clear: the Central Bank won’t just watch from the sidelines; they’re actively crafting the future, blending cutting-edge infrastructure with regulatory grit to keep the economy humming and consumers protected. So, what happens when trust becomes the real currency in a world obsessed with speed and convenience? Buckle up—it’s more complex and fascinating than you think. LEARN MORE

Central Bank of Ireland Governor Gabriel Makhlouf has warned that the rapid development of new payment technologies must be underpinned by trust, security and resilience.

Speaking at the Central Bank’s Future of Finance conference in Dublin on Friday, Makhlouf said the payments system was changing rapidly as digital banks, fintechs and new forms of payment emerged.

“At the Central Bank of Ireland, our work on the payments system is an important part of our economic, policy and regulatory work. And we approach it from a clear starting point: trust,” he said.

The Governor said central banks and regulators would play an active role in shaping the future payments ecosystem, with the Central Bank focusing on infrastructure, resilience and innovation.

The bank is working on the development of modern central bank money infrastructure, including the digital euro and distributed ledger technology-based settlement systems.

At the same time, Makhlouf said private payment providers, including banks and fintechs, must remain operationally and financially resilient, while regulation needs to evolve alongside new technologies.

The Central Bank also published new research examining changing payment habits among Irish consumers and businesses.

The research estimates that the private cost of processing retail payments for Irish businesses is at least €1bn annually, with smaller businesses facing disproportionately higher costs per transaction than larger firms.

Consumer payment habits are also changing rapidly. Close to half of people under 35 now use mobile wallets as their primary payment method, while three in five Irish adults use a digital or “neobank” alongside a traditional bank.

However, cash remains an important part of the payments system, with one in five households reporting that they use cash most often.

Makhlouf said consumers prioritise security and reliability over speed and convenience when choosing payment methods.

“When we ask consumers what matters most to them in choosing a payment instrument, the answer is not speed, convenience, or cost. It is security, reliability, trust, and fraud safeguards,” he said.

The Governor added that innovation which failed to address those concerns would struggle to build lasting public confidence.

“The future of the payments system has not yet been written, but central banks and regulators will actively shape its evolution,” Makhlouf said.

“We will do so in partnership with the private sector, enabling the innovation the economy needs, while safeguarding trust and stability on which the system depends.”