ieExplains: Access to cash is guaranteed under new laws

In September, the value of total cash withdrawals from Irish ATMs stood at €1.09bn. The average withdrawal stood at €150.49.

Despite the rise in digital payments, access to cash will be maintained.

The convenience of digital payments, electronic transfers and tap-to-pay has meant a consistent decline in the usage of cash in Ireland.

The move towards contactless payment options accelerated over the pandemic rising to 84% of all point-of-sale transactions according to the Central Bank of Ireland. At the same time, cash withdrawals from ATMs fell from €1.5bn to around €1bn a month.