In June 2023, the terms of reference for a National Payments Strategy (NPS) were published and the development of the NPS is being led by the Department of Finance. The last national policy in this area was set out in the National Payments Plan (NPP) in 2013 and, since this time, the payments landscape has changed significantly in Ireland.
Commenting in June on the content of the NPS, Minister McGrath stated:
“The strategy will set out a roadmap for the future evolution of the entire payments system, taking account of developments in digital payments, cash usage and how future changes should be made to the legislative criteria relating to Access to Cash.
“It is for this reason I have written to all my Government colleagues asking them to maintain existing methods of cash payment for public bodies under their remit, pending the outcome of the National Payments Strategy. It is my expectation now that all public bodies that currently accept or facilitate the acceptance of cash should continue to do so.”
Amongst other issues, including payment fraud, the NPS will look at the acceptance of cash issue and consider, inter alia, if legislation should be introduced to require certain sectors or sub-sectors to accept or facilitate the acceptance of cash. As a related issue, it will also consider whether it should be policy to require the public service to accept or facilitate the acceptance of cash.
The NPS will consult with the public in Q4 2023 on this topic and a finalised Strategy will be published in 2024. This engagement process will consider whether it should be Government policy that public bodies should accept or facilitate the acceptance of cash for the payment of goods, services, taxes, levies, fees or charges. The Minister is looking forward to hearing from the public and stakeholders on this topic through a public consultation.
While the Department is undertaking this research, the Minister has asked that public bodies continue to ensure cash acceptance for services provided.
Link to ToR: National Payments Strategy 2024 Terms of Reference
ENDS
Note:
The Retail Banking Review completed in 2022 recommended that cash cycle participants maintain the same level of access to cash as pertained in December 2022 pending a Government bill on Access to Cash. Similarly, the Minister is now written to Government colleagues asking them to instruct public bodies under their remits to maintain existing methods of cash payment in advance of the NPS report being finalised in 2024. Therefore, public bodies that currently accept, or facilitate, the acceptance of cash should continue to do so.
The ‘Cash Cycle’ refers to the way in which cash is distributed and circulates physically throughout the economy, it comprises the Central Bank, cash in transit firms, independent ATM deployers, banks, and An Post as well as retailers and other businesses.