They say cash is king – but it may be slowly losing its grip on the throne
A NEW study has revealed the declining fortunes of cash, with many retailers in Limerick expecting to go card-only in the coming years.
Bank of Ireland assessed the attitude of business owners to cash and card use across their stores in the city and county, and, on average, around half have stated they will ditch the spondulicks in the years to come.
In the nationwide survey, Limerick business owners were considered the third most likely to only take plastic, with one in every two saying this is likely.
Some 55% of Dublin business owners surveyed said the same, with 51% the figure for Galway.
The figure for both Limerick and Laois was 49%.
Bank of Ireland says Irish shoppers are more likely to choose electronic methods of payment with 63% of those preferring to use cashless payments when shopping in-store, higher than other countries surveyed.
“The technological advancements within Irish banking and financial services has been matched by merchant and consumer appetite for digital payment solutions that make day-to-day transactions simpler and more convenient,” said its payment acceptance managing director Conor Quirke.
He says the survey represents a useful barometer as to where Irish society is at present.
“This survey offers rich insights into where Ireland fits against other markets in being a leading adopter of innovative payment options. The technological advancements within Irish banking and financial services has been matched by merchant and consumer appetite for payment solutions that make day-to-day transactions simpler and more convenient,” he said.
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