Up to €1bn could be saved if we dump cash use

Savings of up to €1bn could be achieved each year if consumers could get over their love of inefficient payment methods including cheques, ATM withdrawals, and receiving social welfare payments in cash.

A study by a senior Central Bank executive claims Ireland continues to have a high use of paper-based payment instruments such as cheques and cash compared to the rest of Europe, with the cost of payments estimated at 1.2% of GDP.

It suggests bank customers could see reduced banking charges if they moved to more inexpensive payment methods such as debit and credit cards and electronic funds transfers.