Bank of Ireland has become the latest bank to introduce voluntary gambling blocks on debit cards as payments’ role in gambling harm prevention continues to grow.
Announced on 7 May, the new offering comes after an analysis of Q1 card spending data. The bank found that 90% of gambling transactions occurred online, with 99% of these funded via debit cards.
While overall card spending on gambling declined slightly by 2% year-over-year, there was a significant 19% increase among 18-25-year-olds, while spending among those over 65 dropped by 8%.
Áine McCleary, Chief Customer Officer, Bank of Ireland, said: “Problem gambling can have a devastating effect not just on the person involved, but also on families, friends and loved ones.”
The card blocking feature removes access to slot machines, online casinos and lottery websites, as well as blocking payments identified as being made to a gambling operator. The Bank of Ireland stated the feature is available following a customer request.
“For those with a gambling addiction, it can often seem like help is out of reach,” McCleary added. “This initiative we are launching is designed to help customers take positive steps to improve control over their finances. It also furthers Bank of Ireland’s ambition to improve the financial wellbeing of our customers and communities, especially those going through difficult times.”
Educating through the power of payments
Bank of Ireland is not alone in this initiative. Last month, TSB teamed up with the gambling harm prevention charity Ygam. This collaboration focuses on educating younger audiences, particularly those who play video games filled with microtransactions and loot boxes, which has seen a sharp increase.
Kate Osiadacz, Head of Responsible Business at TSB, said: “Gaming is often one of young people’s first interactions with spending or managing their money digitally; so we’re pleased to be working with Ygam to reach young people with targeted advice.
“Our Money Confident schools programme greatly benefits from Ygam’s insight – and we’re keen to help empower the next generation to make informed decisions for their financial lives ahead.”
These initiatives highlight how payment technology can be used for the greater good, a growing trend in the banking and fintech sectors. Apps like Monzo, for example, are purposefully launching products to help promote healthier money management
Oisín McConville, GamblingCare.ie, commenting on the Bank of Ireland’s feature, said: “Measures such as this are very welcome, as we can see from the latest gambling spend insights that betting amongst younger people is on the rise.
“In order to combat the scourge of problem gambling, a wide range of supports are essential to prevent the issue from becoming overwhelming for those impacted. The introduction by the Bank of Ireland of gambling blocks is another step in the right direction and will further safeguard their customers.”
