According to feedback given to the Department of Finance, crucial matters the Government should consider in its forthcoming national payments strategy include the availability of cash and its acceptance as a payment medium for public services. This feedback was provided as part of a broader assessment of the payment system of the Republic. A report released on Wednesday indicated that these issues were raised in about 85 responses from individuals and entities across private and public sectors.
These issues were raised by 66% of the public responses, and ATM fees, in particular, were widely discussed. Many proposed that these fees should be regulated by law, advocating for equal, affordable cash withdrawal costs, irrespective of whether the ATM is located in a branch.
Cashback services in retail environments were noted to be essential for financially vulnerable individuals. Also mentioned were the roles of cash in financial planning, and its unique shapes and colours aiding individuals with digital or literacy needs.
Cash acceptance was referenced in around 40% of the responses, with a similar number citing specifically its acceptance in the public sector. Of this subset, half suggested it should be obligatory or at least enabled by public sector bodies. A respondent warned about the adverse impacts on marginalised societal groups if public bodies stopped accepting cash.
Concerning the private sector, approximately two-fifths similarly mentioned cash acceptance. There was strong agreement with a 75% rate in favour of ubiquitous cash acceptance. It was recommended that acceptance of both cash and digital payments by private businesses would ensure maximum access and choice.
Finance Minister Michael McGrath, who commissioned the evaluation of the Republic’s payment system last year, confirmed that the submissions highlighted the significance of payment method access and choices for the public. He affirmed these issues will be considered crucial in the completion of the national payment strategy this year.
The department revealed that the definitive approach will provide a “future development blueprint” for the payment system. It would consider the emergence of digital transactions, the application of cash and the necessary alterations to the laws concerning cash access. Earlier this year, the Central Bank of Ireland underscored in its submission that maintaining access to physical currency must be included in this plan.