Will Ireland Become A Cashless Society?
Is it really possible to become a cashless society?
Cash has been the preferred payment method for a long time in Ireland and around the world, but that might be about to change since some of the biggest companies on the planet have decided to change their way. Apple, Facebook, Google, and Microsoft are just some of the major players that have shifted away from physical cash to digital payments – and the trend is only here to stay. This has forced small businesses to change their landscape of interacting with their clients to receive their payments. NPI is assisting businesses and organizations to go cashless in Ireland and it is just the beginning.
According to the contactless data collected by The Monitor, tap payments in Ireland have reached a new peak, with transactions worth almost €3.8 billion in Q3 of 2021. With such a massive trend of cashless payments knocking at the door, the real question is how long will it take before Ireland becomes an entirely cashless society and what benefits will it bring for both consumers and business owners?
At NPI, we’re dedicated to creating simple solutions for Irish businesses. As the best merchant service provider in Ireland – and Guaranteed Irish – we know how important it is to give customers a variety of payment options, no matter what sector you’re in. To learn more about how NPI handles payments, give us a call at 0852125815 to talk to one of our experts. Or, fill out the free contact form to get a call back from us.
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The Rise of Cashless Payments in Ireland
Is Ireland going to be a cashless society?
It will take some time to tell, but the signs point to yes.
In recent years, there has been a surge in the use of cashless payments, with more and more people using contactless cards and mobile app methods like NPI to make everyday purchases. This trend looks set to continue, with some experts predicting that Ireland could become a cashless society within the next decade.
The prediction can be justified by the numbers of the European Central Bank, which suggests that the number of non-cash euro payments follows a steady upward trend, from just over 35,000 in 2000 to more than 100,000 in 2020. Speaking strictly about Ireland, card-based payments saw their peak of 60% in the year 2020, while the e-money system payments made up to 10%. In the wake of these numbers, it is safe to say that Ireland is on its road to going cashless and it won’t take too long.
Did COVID Help the Move Toward a Cashless Society?
There’s no doubt that the COVID pandemic has had a profound effect on the way we live and work. One of the most prominent changes has been the acceleration of cashless transactions.
Prior to COVID, cash was still king in many parts of the world, including Ireland. But the pandemic has changed all that. Contactless payments have become the norm, and even small businesses are now accepting card and mobile payments.
So, will Ireland become a cashless society? It’s certainly possible. The trend is definitely moving in that direction. And with more and more people working remotely, there may be even less need for cash in the future. Of course, there are still some who may need convincing.
What Are The Benefits Of a Cashless Society?
The transition to a cashless society promises numerous benefits:
Enhanced Convenience for Consumers
Eliminating the need to carry physical cash enhances convenience for consumers, reducing concerns about loss or theft.
Heightened Safety
With no physical cash, the risk of being a target for theft is eradicated, enhancing overall safety.
Cost Savings for Businesses
Businesses stand to gain financially by eliminating the costs associated with handling physical cash.
Government Savings
A cashless society reduces the expenditure on printing money, contributing to cost savings for the government.
Crime Reduction
Digitized transactions make it more challenging to engage in illicit activities, such as money laundering, fostering a safer environment.
Financial Inclusion
The shift to a cashless model facilitates improved access to banking services, promoting financial inclusion.
New Payment Innovation’s Approach to Merchant Services
While cash is likely to stick around for a while, Ireland is headed towards becoming a cashless society. That’s why New Payment Innovation is helping Irish businesses accept all types of payments.
NPI’s commitment to innovation and customer-centricity means we’re not just another payment provider – we’re the best merchant service provider in Ireland. Whether you’re a business looking for diverse payment methods, integration with your existing systems, or real-time insights, we’ve got you covered. Here’s how we do merchant services:
Face to Face
For businesses that rely on the stability and familiarity of traditional card transactions, NPI offers seamless card reader options, including wired, wireless, and mobile. These methods ensure that you can accept payments securely through trusted and established channels.
In an era where speed and convenience are paramount, NPI embraces advanced technology for your face-to-face transactions. Our solutions, including contactless payments, enable quick and secure transactions. Customers can simply tap their cards or mobile devices for swift and hassle-free payments, whether they’re shopping in a store or at a vendor’s stall.
Recognising the growing importance of mobile payments, NPI empowers businesses to tap into the mobile-centric world. With our card machines for business, you can offer customers the flexibility to pay with smartphones, digital wallets, and cards, making the payment process both efficient and user-friendly.
Online
NPI understands the importance of streamlining safe online payments for businesses and ensuring a secure and convenient experience for customers.
Our integrated solutions are designed to seamlessly connect with a wide range of e-commerce platforms and payment gateways. This means that whether you’re a business looking to accept online payment or a customer making a purchase, the process is straightforward and secure.
For businesses, NPI’s integration with e-commerce platforms allows for a hassle-free setup, enabling you to accept payments on your website or digital storefront. Our system effortlessly manages the flow of transactions, ensuring a smooth experience for your customers.
Over the Phone
Our virtual payment terminals are at the heart of over-the-phone payments. Notably, they provide a secure platform where businesses can process transactions remotely. This is especially useful for businesses that offer services or sell products over the phone, through catalogues, or via email. By using virtual terminals, you can efficiently handle card transactions from anywhere, thereby enhancing convenience and accessibility for your customers.
Furthermore, security is paramount in over-the-phone transactions, and NPI takes this responsibility seriously. Our systems are designed to ensure the utmost security for both businesses and customers. Card data is handled with care, and our virtual payment terminals adhere to industry standards for secure payments.
You can learn how to take card payments over the phone here.
Contact NPI Today
Explore the NPI difference by getting in touch with our expert team. We’re here to provide guidance, valuable insights, and tailored solutions that align with your unique needs and goals. Reach out to us at 014475299, fill out the contact form and one of our payment gurus will get back to you.
Want to see our card machines for yourself? Come down to our Citywest HQ and have a look around the Experience Suite.
