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Electronic money transactions could save Ireland €1bn
13 Sep 2010

Electronic money transactions could save consumers and businesses in the Republic of Ireland more than €1 billion (£824 million) a year in administration costs, according to a new report.

Research by the National Irish Bank shows that transactions involving cash and cheques much slower and more expensive than those made using eMoney, the Irish Times reports.

Last year, €25 billion (£20.6 billion) in cash was withdrawn from ATMs in the republic, while 102 million cheques were also cashed. However, eMoney payments are becoming increasingly popular.

The bank's chief economist Dr Ronnie O'Toole told the newspaper: "The reliance on paper-based paments has a number of high costs for our society. Annual savings of around €1 billion could be made by switching to electronic systems."

As well as credit and debit cards, these systems include prepaid contactless smart cards for transit systems and schools, which can be pre-loaded with funds online.

As a result of this, consumers are more closely able to control their spending, unlike with credit or debit cards, making the smart cards ideal as a cash alternative for children.