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IRISH BUSINESSES ARE divided on the possibility of going cashless within a decade, with more than half of Dublin firms believing it is a real possibility, new research shows.
The general increase in cashless payments over cash transactions is viewed positively by almost two thirds of businesses nationally, according to a BOI Payment Acceptance (BOIPA) survey.
This has left Irish businesses finely split over whether they expect to become fully cashless in the next ten years, with 47% believing this is now a distinct possibility.
The counties most confident of this transition are Dublin (55%) and Galway (51%).
Wicklow (50%), Laois, Limerick (49%), Kildare, Tipperary, Waterford, and Carlow (48%) also scored above the national average.
At the other end of the scale, Donegal businesses were the least optimistic – with only 36% believing it to be possibility.
Similarly, just over 40% of businesses in Kerry, Cavan and Louth also felt that they could go cashless in the next 10 years.
While recent data has demonstrated that accelerated payment habits during the Covid-19 pandemic have stuck, Ireland has progressed to being a leading adopter of cash alternatives compared to other countries, according to BOIPA.
Cashless payments are the preferred method of payment for shopping offline across all countries surveyed at 55%. However, the preference in Ireland is higher at 63%.
Irish consumers are more inclined to pay by card, digital wallet or online across a range of situations including grocery shopping, eating out, at the fuel pump, at public institutions and for entertainment.
The availability of card and contactless facilities also impact consumers’ perception of businesses with people living in Ireland perceiving businesses with card and/or online payment options as being more modern and customer-centric.
Only 3% of people surveyed do not use card or digital payments in any situation. This is half the average across the other countries surveyed (6%).
The popularity of digital wallets and wearable devices to make payments continues to rise with Irish consumers.
Some 65% of people surveyed now use mobile wallets, with 38% of those using this method of payment several times a day. Some 67% are using virtual wallets for online spend with 24% using this option several times a day.
A further 15% of participants who do not yet use virtual or mobile wallets claimed that they intend to use them in the near future.
The survey also shows Irish people’s uptake of digital payments also translates into higher digital engagement with banking services with mobile and internet banking more popular in Ireland.
Almost 74% of bank customers use mobile banking two to three times a month with 27% using it once a day.
OIPA managing director Conor Quirke said: “While the high number of people preferring digital alternatives over cash comes as no surprise, this survey offers rich insights into where Ireland fits against other markets in being a leading adopter of innovative payment options.
“The technological advancements within Irish banking and financial services has been matched by merchant and consumer appetite for payment solutions that make day-to-day transactions simpler and more convenient.”
No way, no thanks. Cash is king, if everything goes digital we are wide open to government interference with our accounts. Look at what the Canadian government did
@Stuart Parkinson: exactly ! Next they will be telling us to give up our AR15s..
@Stuart Parkinson: exactly, do people want their accounts frozen if their government decides they are naughty children. Do they want to be refused jobs, rental accommodation or mortgages because institutions don’t like how they spend their money. In the US people are turned down for jobs due to bad credit but to improve the credit score they need a job. It’s a fast track to authoritarianism. Businesses should be legally obliged to accept legal tender.
@Stuart Parkinson: Breaking news Stuart, your accounts are already wide open to interference by the Government, or anyone else with the skills. But don’t worry, as cash further disappears, the isolation and encryption technology will only get more sophisticated. The same criminals usually invent it.
@Stuart Parkinson: cash aids the cancerous Black Market, despite what the luditites or criminals say, cash will disappear
@Stuart Parkinson: Exactly what did Canadian government do?
@Stephen Kearon: how would the Fianna Fáil Galway tent operate without envelopes stuffed with cash? Or is planning corruption and “favours” gone cashless too? Sure poor Bertie still has no bank account! How would he manage?
@Niall Power: I imagine they’ll setup a revoult vault and just use that. Instead of brown envelopes one off payments via revolut.
We should not allow this. A cashless society sounds very similar to the Chinese social credit system. Every cent you spend is known by the government. The privacy risks of this situation are extremely frightening. All business should have to accept legal tender and not be allowed to demand electronic payments only.
@Bananaquit: There are many ways to spend electronically without anyone knowing your business. That’s where the future is, not with little rectangular bits of grubby paper that can be lost, stolen, bleached and burned.
@Bananaquit: Especially with all these new powers going to Gardai.
Your smartphone is an extension of your mind. Nobody has the right to violate anyone’s privacy.
@Tomo: nobody? The good of society comes first, especially when serious crimes such as murder, rape, terrorism etc are involved
@Bananaquit: No one is allowing anything, cash will always be accepted.
@Eoin Roche: I don’t lose mine, it’s not stolen either. How long did it take you to come up with that?
@Eoin Roche: Yeah but not everyone is as clever as you eoin ehh. In the meantime us mere mortals like the cash in the pocket. Ye know what I mean?
@Eoin Roche: The focus for many people, is on how this technology would give complete control and oversight on all transactions over to all arms of government, preventing cash in hand, tax avoidance etc, while that has genuine validity on an individual level the bigger picture is much more concerning.
Many of the wealthiest people on the planet, achieved their current financial circumstances by avoiding, bending and breaking all the rules around financial transactions, yet now they are advocating for a totally cashless society, the question is why now?
I believe the answer is simple, a cashless society would set in stone the current positions of wealth and prevent anyone from rising above a level that would challenge the current status quo of wealth distribution.
self determination is only achieved through economic independence, for a person, a community or a nation. A cashless society means every transaction made is overseen and potentially controlled by either the bank or the state. All monetary transactions are monitored and all transactions can be curtailed electronically. All individuals are thus deprived of economic independence. Cashless society must be resisted.
A very bad idea.
Makes no sense to do this..I remember a few times opening up the shop where I worked and the card machine was on the blink..sometimes it wud be down for 5 minutes..other times 5 hours..it would happen maybe once every couple of months..people who had cash.no hassle to them..others who only had card..well they were left empty handed..we can’t assume that the technology in place will be 100% operational 100% of the time
@Pol Mlp: was in Dunnes a few weeks ago everything went down even the cash machine gave up so everything pretty much came to a standstill, no shopping, no way to take out cash, no nothing for about 40/50mins.. and not able to use the coupons .. carnage!!
Thankfully, I live in southern Spain and there isn’t a chance of this happening here. Cash is King here. Cafes and bars get deliveries and they are paid for in cash on the spot. Much better idea as you don’t have small businesses going under due to having to give suppliers 3 months credit.
@Ian James Burgess: sounds like tax evasion, also any legitimate business can pay on delivery via SEPA transfer
@Stephen Kearon: There is a lot of cash used to run bars in the US also. Cash isn’t going anywhere soon and using it doesn’t mean the business is doing anything wrong like you are suggesting.
Have these people who are so quick to want the end of cash not heard of hacking, look at how it crippled the HS E last year, imagine if that was the bank you used, no groceries, no electricity bill paid, mortgage not paid. Without cash we are one good hacker away from living in a door way.
@Moira Connolly: if your bank account(s) were hacked tomorrow would you have enough ready cash available to pay all the things you mentioned above?. I certainly wouldn’t have my mortgage payment lying around in cash
What do you stick in a strippers g-string in this distopian future ?
@blue exile: maybe buy some paper tokens at the bar
In some rural parts Barter is an active alternative. 6 free range eggs for a bottle of home made elderberry wine. The government and the Central Bank are out of touch with popular economics.
@Garreth Byrne: You’re welcome to join the rest of us in the 21st century when you’re done with the 1700′s. “Popular Economics”! Thanks for the laugh.
Many banks are going to introduce, if they don’t have already, a contactless fee.
So if you are paying, for example, a coffee contactless and the fee is 20 cents, you are paying almost a 7-10% tax to the bank.
The banks and card companies are the ones profiting from cashless, the fees to process card payments are steep for businesses. While the cardholder doesn’t see even half the costs the businesses see. The fixed line internet failed for an entire day in the village where I work a few months ago which caused almost every card machine in the village to be unusable if they didn’t have a staff member familiar with setting up their phone as a wifi hotspot as backup. The banks have also suffered IT failures which caused customers cards to be unusable for hours or days at a time. Having cash as a backup is always a good idea.
No thanks. Everywhere charges you extra for using the card, so called “handling fees”.
On the one hand it can exclude older generations who haven’t grasped contactless etc but it will cut down on the amount of fraud cash only businesses. Irritates me no end being told a store is cash only, just raises my suspicions.
Wicklow, Laois and Limerick meanwhile will continue to use the barter system
Great idea. Prevents things like speading covid, corruption, petty theft. Drug dealers will be out of business.
No thanks cash is king i dont want banks controling my funds people are sleep walking into this as when cash is gone banks can charge whatever they want in fees your money wont be your own anymore
How will kids receive and spend their pocket money? As far as I know you are not legally or constitutionally required to have or use any item or service that attracts fees or taxes. I know several older people who never had a smart phone, computer or laptop and never will.
I have a friend who was unable to renew his bus pass online unless he supplied a mobile phone number. As he lives alone he never got one. The work around was to enter 087 1234567!
Before you know it you will be refused a bank loan because you spend a fiver a day on coffee
@David Saunders: happening already.
I have a Revolut card, which I top up on my mobile and I pay for everything using it. It does not charge fees. I do not use cash for anything. My bank has a monthly charge of €6 for my bank account including any fees. The last time I used a cash link machine was before covid.
Good – the black market economy is crippling this country and legitimate businesses .
If everyone paid their fair share of taxes we would all be better off .
Going digital is great: more mass surveillance, less humans, more AI, more automated decisions. Bigtech is here to win and control.
I’ve cut down on using cash by approx 75% since the start of the pandemic but its hard to imagine not using it at all. Maybe in 10 years we’ll be at a place where cash doesn’t make sense.
I have a Revolut card,which I top up on my mobile, and pay for everything using it. It does not charge fees. I do not use cash for anything. My bank has a monthly charge of €6 for my bank account including any fees. The last time I used a cash link machine was before covid.
What about the pawn shops.
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