Central Banking

Payment pricing preventing electronic migration in Ireland


Ireland could save up to €1 billion ($1.3 billion) annually by switching from cheques to a more efficient payment instrument, according to an article in the Central Bank of Ireland's quarterly bulletin, released last week.

The article – The Usage, Cost and Pricing of Retail Payments in Ireland, by Ronnie O'Toole – finds that cheques "are almost three times more expensive than their electronic equivalent". Cash, in contrast, is the most efficient payment instrument for transactions below €10

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