Why cash is no longer king

New banking and payment technologies are all part of a move to encourage people to rely more on electronic transactions and less on cash, writes Emma Kennedy.

4th May, 2013
Irish banks expect the popularity of mobile banking to keep growing, and say functionality will improve to meet customer demands. Photo: Getty

The government's latest payments strategy is for Ireland to move away from cash in favour of increased electronic payments.

For consumers, new technologies have changed how they conduct their financial affairs, and will make it easier for this new strategy to be realised.

The National Payments Plan (*see panel*), published recently, indicated that savings of €1 billion a year could be made if Ireland overhauled its payments system.

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