Championing Cash: Economy Minister Urges Businesses to Embrace Physical Currency

Economy Minister Dr. Caoimhe Archibald has emphasized the importance of businesses continuing to accept cash as a fundamental part of the economy. Urging Cash Acceptance

In response to a question regarding the Treasury Committee's report on the acceptance of cash, Minister Archibald highlighted the significance of physical currency amidst the increasing digitalization of payments. She acknowledged the challenges faced by vulnerable groups and rural communities due to the evolving banking services. Supporting Local Access

The Minister reaffirmed the efforts undertaken to address local cash access issues, including engaging with stakeholders and presenting reports to regulatory authorities. Advocating Consumer Choice

Reiterating the importance of consumers having a choice in payment methods, Minister Archibald encouraged businesses to provide options, including cash. She emphasized the need for potential legislation to ensure that those reliant on cash are adequately supported. Future Engagement

Looking ahead, the Finance Minister plans to engage with relevant stakeholders through annual banking roundtables to address local issues and observe developments in the financial landscape. Observing International Insights

Furthermore, the Department of Finance will monitor developments in the South following recent legislative actions aimed at protecting the role of cash in the financial system. Consumer Council's Role

The discussion also highlighted the role of the Consumer Council in advocating for consumer research and education related to financial services. The Minister underlined the importance of ensuring consumer choice and access to physical cash for goods and services.