Consumers want to keep cash as an option, survey finds

The Reasonable Access to Cash Bill was drafted following a recommendation in the Retail Banking Review.

The majority of consumers still want the option to pay with cash for goods and services despite the rising popularity of contactless payments, according to a survey by Taxback.com.

Taxback.com’s latest Taxpayer Sentiment Survey, which polled more than 1,200 taxpayers countrywide, found there was widespread support for new Government legislation proposed to protect people’s rights to access and pay in cash and 90% want to keep the option to do so. 

“The pandemic has accelerated the use of digital payments, as have the increased moves by the banks to curtail access to cash banking services. While many people have embraced card payments, Irish people are in almost full agreement that having the choice to pay in cash or card and the ability to access cash when it is needed should be a fundamental right,” said Marian Ryan, consumer tax manager with Taxback.com.

The Reasonable Access to Cash Bill was drafted following a recommendation in the Retail Banking Review.

That review also called for the development of a new national payments strategy, which would take into account advances in digital payments, and guide how future changes should be made around access to cash criteria and other issues.

This strategy could see the laws around reasonable access to cash extended to other firms or sectors, thereby forcing shops, cafes and other outlets to accept cash payments, rather than to insist on card payment.

“Some people struggle with online and card payments and find it incredibly difficult to manage their finances as a result of the increased moves towards digital banking and payments. This is simply unfair and borders on ostracism,” said Ms Ryan.

Online mobile and banking payments hit record highs in Ireland, with nearly €4.8bn worth of contactless payments made in the third quarter of 2022.