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 a completely cashless society and what benefits will it bring for both consumers and business owners?
The Rise of Cashless Payments in Ireland
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.
Acceleration of Cashless Transactions Due To COVID
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 holdouts who prefer to use cash.
What Are The Benefits Of Going Cashless?
A cashless society would have many benefits.
- For one, it would be more convenient for consumers who wouldn’t have to carry around cash or worry about losing it.
- It would also be safer, as there would be no risk of being mugged for cash.
- In addition, businesses would save on the cost of handling cash, and the government could save on the cost of printing money.
- Going cashless could also help to reduce crime, as it would be more difficult to launder money or engage in other illegal activities if all transactions were digital.
- Finally, a cashless society could help to promote financial inclusion by making it easier for people to access banking services.
If you live in Ireland and are looking to open a small business or expand your services, it is high time for you to upgrade and futureproof your payment systems in order to ride on the tide of cashless businesses as it is the future of the Irish Economy. If you are looking for a payment provider to help you get cashless, NPI is all in to manage all your payment and make your online and mobile transactions easier, quicker, and more convenient.