By Fionnan Sheahan

Shoppers and businesses will be using more plastic and less paper money quite soon under a new Government plan to reduce the amount of hard cash in circulation.

A task force will be set up in the new year to come up with ways to cut down on cash transactions in the economy, the Irish Independent has learned.

The move is being given an added impetus by the rise in tiger kidnappings of bank staff, allied to the need to make the economy more efficient.

Elements of the plan are expected to include:

• Promoting the use of Laser and debit cards.
• A basic bank account for people on low incomes.
• Phasing out cheque books.
• Business invoices being paid directly by banks.

Ireland comes second only to Greece in Europe in terms of the amount of cash and cheques used in the economy.

Scandinavian countries top the league table for the least amount of cash in circulation and greatest use of electronic payments — a key element in their status as the most competitive nations in the region.

Continue reading Card Will Be King In New Year As Cash On Way Out

Update:

National Irish Moves to Cashless Banking
Irish Times.com (22 Dec 09)