Friday 23 February 2018

We're slowly being weaned off love affair with paper money

IRISH consumers and businesses are using fewer cheques and other paper-based payment methods while card payments and direct debits are increasing substantially, according to new research by the Irish Payment Services Organisation (IPSO). The organisation said yesterday that the results show that that the Government's implementation of the National Payments Plan is off to a good start.

IRISH consumers and businesses are using fewer cheques and other paper-based payment methods while card payments and direct debits are increasing substantially, according to new research by the Irish Payment Services Organisation (IPSO). The organisation said yesterday that the results show that that the Government's implementation of the National Payments Plan is off to a good start.

The IPSO study states ATM withdrawals were down by a fifth in the past five years, from 205 million transactions to 167 million a year, while the value of ATM with-drawals has decreased by 30pc, from €29bn to €20bn. But the value of cash withdrawn is still 66pc higher than the EU average.

Cheques have also taken a hit, with the amount written down 35pc from 117 million a year to 76 million a year. Despite this the IPSO says Ireland remains one of the last few EU countries still using cheques regularly. Credit and debit cards tell a different story. The total number of card payments was up by a fifth in the five-year period, from 300 million to 357 million a year.

According to IPSO chief executive Pat McLoughlin, "The figures today are indicating that Irish consumers and businesses are tending towards the more efficient payment tools available that help make Ireland a competitive market."

Irish Independent

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