New laws will force supermarkets, c-stores and pharmacies to accept cash
Under new 'Access to Cash' laws, third-party ATM operators and cash-in-transit companies will be authorised and supervised by the Central Bank
Print25 January 2024
Grocery shops and pharmacies will have to accept cash as part of a new plan imposed later this year to keep physical money in the economy, The Irish Independent reports.
Public consultation of the National Payments Strategy is currently under way, which would see legislative changes implemented to the effect that supermarkets, convenience stores and pharmacies will have to accept cash from customers, but not other stores.
According to The Irish Independent, third-party companies operating ATMs may also be forced to have €10 or €20 notes available, with the Central Bank having powers to set and impose rules on these machines.
Specific numbers of ATMs will need to kept by banks in certain regions under plans, which were being signed off by the Cabinet on Tuesday. A minimum number of ATMs per 100,000 people will be required, with a proportion within 10km of an ATM or a cash service, such as banks or post offices.
Under the plans set forth by Finance Minister Michael McGrath, the three main retail banks – AIB, Bank of Ireland and Permanent TSB – will be responsible for maintaining the designated number of ATMs.
To coincide with the Retail Banking Review, the new Access to Cash laws will strive to keep the numbers of ATMs at the same level that were present in December 2022,
In the west, 96.8% of the population is within 10km of an ATM. The figure is at 97.8% in the midlands and at 99.1% in the south-east. In the Border region, there are presently 95 ATMs per 100,000 of the population and 75 ATMs per 100,000 people in the midlands.
The Central Bank will examine cases where local areas have ATM “deficiencies” – where “particular difficulties arise in accessing cash” – and if necessary, designated bodies will address the shortage. For the first time, third-party ATM operators and cash-in-transit companies will be authorised and supervised by the Central Bank.
As a result, the Central Bank will be able to impose regulations on these third-party operators, including the denominations they stock at all times, and set service standards.
Statistics demonstrate cash usage in Ireland has dropped: pre-pandemic, just under €20bn was withdrawn from ATMs in the Republic of Ireland. In 2022, €13.5bn was withdrawn – a decrease of under one-third.
ATM transactions have declined by nearly 45%, from €156m to €87m, from pre-pandemic to 2022. The average value per withdrawal has increased to €154.
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