Irish consumers making the switch from cash to electronic payment

IRELAND still trails its European counterparts in terms of paying for goods electronically, but a survey shows we are slowly cottoning onto the benefits of switching from cash.

The study by the Irish Payment Services Organisation (IPSO) shows that debit cards are beginning to replace cash on a meaningful basis, as consumers alter their payment habits.

The organisation claims that more efficient and cost-effective methods of payment — from debit cards to online transactions — are becoming increasingly vital, given the current economic climate, and a significant shift could end up boosting the Irish economy by around €1 billion per year.