Mayo senator welcomes preservation of cash culture

Mayo Senator Mark Duffy has welcomed the terms of the ‘Provision of Access to Cash Infrastructure Bill’ which has reached committee stage in the Seanad.

The primary focus of the bill is to ensure that cash remains an a readily available option for people and allows everyone to participate fully in society.

Despite the growing popularity of electronic payments and online banking, cash remains the preferred payment option for many people for reasons including privacy, security and convenience.

Recent Department of Finance surveys have shown than one in four people still prefer cash as a payment option and that figure rises to 50% for people aged 65+.

Despite the undoubted benefits of electronic payment systems it is vital that measures are taken to avoid ‘digital exclusion’ especially in relation to older people and those living in rural areas.

This bill seeks to ensure that those whose preference remains cash will have convenient access both to ATM machines and also to cash service points (bank branches and post offices).

Given the recent exit of Ulster Bank and KBC from the Irish market it is vital that services remain in place and the bill will allow the Minister for Finance to set the criteria for essential cash infrastructure and ensure that that people are no further that 10km from their nearest ATM or cash point.

“We must remember that citizens retain the right to use cash and that this should be facilitated and not restricted for example by airlines or at football matches,” he added.