Retailers set to save from Budget cap on cards

Retailers could save up to €36m a year from a capping in fees for accepting debit and credit cards.

The capping of interchange fees was announced in the Budget.

The Minister for Finance Michael Noonan has said with an increasing number of people choosing to pay by debit card, the reduction in fees will reduce the cost to retailers who accept card payments.

Ireland now has among the lowest rates of debit card interchange in Europe, making us one of the most card-friendly countries.

Minister Noonan also said he was urging retailers to remove the minimum spend on card payments.

"Retailers should be aware that most shoppers have a contactless card in their wallets which can be used for transactions up to €30. It is cheaper and faster than any other way to pay, both for the retailer and the consumer," the Minster said.