A new retail banking review has said the Government should preemptively legislate to ensure that cash continues to be accepted by certain sectors and businesses.

The review found that in Ireland, consumers are already being impacted by some businesses refusing to accept cash. These challenges range from minor issues such as the inability to purchase a coffee in a café, to being unable to seek insurance from some companies that do not accept cash.

Currently, Euro notes and coins have the status of legal tender in Ireland, meaning that retail transactions are governed by contract law. In the context of this, where a business places no restrictions on the means of payment it is prepared to accept, it must accept legal tender when offered by a customer.

However, if a business specifies in advance of a transaction that payment must be in a form other than cash, the customer cannot subsequently claim a legal right to pay in cash, even if that cash is legal tender. This can be achieved, for example, by displaying signs at the cash till and at the store entrance.

So, today we want to know… Should businesses be legally obliged to take cash?