Cash and carry on
» Money use Bill is passed » Plan keeps life ‘normal’
The Government may define “essential goods and services” that must accept cash payments later this year.
Announcing the Government had passed his “Access to Cash” Bill, Finance Minister Michael Mcgrath said he had feared the transformation to a more cashless society would have seen “many people being excluded from day-to-day life”.
Minister Mcgrath said the ability to spend cash is as important as accessing it.
The National Payment Strategy is currently out to public consultation.
Minister Mcgrath said: “I recognise that for businesses, handling cash comes at a cost.
“But also digital payments will probably cost in terms of merchant fees and so on. We will have to make policy decisions.
SPEND
“I would envisage that we will define certain essential goods and services where a right to pay with cash is appropriate. But we have made no decisions on any specific good or service or outlet type that would be subject to that.
“As you know when it comes to public services, we have intervened and made it clear that there should be no further diminution in the right to pay with cash. We’ve seen that upheld in a number of instances.
“I want to really just take stock of wherever we’re at. That’s why we’re putting an anchor on the issue of access to cash.
“There will be changes but as part of the National Payment Strategy. Were we not intervene in that space, people might have a right to access cash, but they wouldn’t be able to spend it.”
Mr Mcgrath made the comments after receiving Cabinet approval for the Access to Cash Bill.
The Bill requires compliance with regional criteria that set the minimum number of ATMS per 100,000 people and the proportion within 10km of an ATM and a cash service point. The number of ATMS in the country must be kept at the level they were in late-2022 when
there were 4,200. Some 1,400 were owned by banks, while the rest were owned by independent operators.
In the west of the country, 97% of people are within 10km of an ATM.
Minister Mcgrath admitted the Government feared that if it did nothing, ability to access cash would have decreased.
He said: “If we didn’t become involved, I think we will see less and less availability of cash around the country.
“I think that would definitely result in many people being excluded from just day-to-day life and the normal functioning of society.”