€40 duty on credit cards ‘should go’

THE €40 government duty on credit cards has killed competition in the market and should be scrapped in next month’s Budget, the Irish Bankers Federation (IBF) said yesterday.

The body, which represents more than 60 banks operating in Ireland, said taxes on credit, Laser and ATM cards had made Ireland one of the dinosaurs of Europe in adopting new payments technology and meant Ireland relied too heavily on cash and cheques.

Recent studies by consulting group Accenture put Ireland at the bottom of the European league table for usage of electronic and card-based payments.