Reassurances must be given by the retail and banking sectors that people will always have the right to use physical cash if they wish, a Fine Gael General Election candidate has said.
Senator Mary Seery Kearney, Fine Gael General Election candidate for Dublin South Central, said that there is a real concern among the electorate that their preference for cash payments will be declined over time in retail, hospitality and service outlets.
Senator Seery Kearney said “Acceptance of cash by businesses is an issue that’s coming up regularly during canvasses in Dublin South Central. I was unable to pay for coffee with cash myself recently in a local café which was very frustrating.
“The European Central Bank has noted a decline in the use of cash for transactions at the point of sale across the Euro area to 59% of transactions, down from 79% in 2016 and 72% in 2019.
“To reflect the public’s desire for a diversity of payment methods, the European Commission has proposed new legislation in a number of areas, including payment services, instant transfers, and a new digital euro that would have the status of legal tender. All this is to be decided upon by MEPs in this European parliamentary term and I will be making representations to my Fine Gael colleagues in Brussels on this.
“Currently in Ireland, the Access to Cash Bill is underway and seeks to provide sufficient and effective access to cash for individuals and SMEs. This is important legislation which give rights to those who depend on cash, ensuring they are not left behind.
“For many people, particularly older people, cash remains an important payment method and there will always be a cohort of the population that rely on it. While the development of our payment ecosystem must continue to evolve and develop, it must be balanced with preserving the rights of people to use physical cash if they so choose.
“Inclusion in our economy is important – to ensure all sectors of society are provided with a choice of payment options. If elected to Dáil Éireann, I will prioritise the passing of the Access to Cash legislation and look to put the onus on all service providers and traders to provide customers and clients with a diversity of payment options.”
