We carry too much cash and write too many cheques compared to our European neighbours. That’s according to IPSO (Irish Payments Services Organisation).
IPSO wants all cheques to be phased out in Ireland by 2016. Some European countries have already stopped using cheques as a method payment. The average person in Ireland writes 29 cheques per annum compared to a European average of 15. We also use cash a lot more for payments compared to other European countries. The high use of cheques and cash is costing the economy €1.4bn annually and is damaging our competitiveness.
Both individuals and businesses should be making greater use of plastic cards and online banking.