Central Banking

Ireland chases €1bn saving with payments overhaul

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The Central Bank of Ireland today unveiled plans for a comprehensive overhaul of Irish payments, aiming to achieve substantial efficiency gains by cutting cash and cheque use and making new payments technology available.

Ireland currently lags behind much of Europe in its use of electronic payments. People and businesses in Ireland average 133 e-payments a year, compared with a north European average of 273. The Irish are some of Europe's biggest cheque users – only France, Cyprus and Malta use

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