Following Scotland’s news on setting up a Fintech Strategy group several days ago, the Central Bank of Ireland has announced their latest campaign to turn Ireland into a cashless society.
The campaign begins with transforming the Central Bank’s new headquarters in Dublin’s North Wall Quay by installing a cashless payment system. They have put in a tender to supply and install this system. With this, staff can no longer use cash or coins for their purchases within the HQ.
A cashless system has been in place in four of their offices in Ireland, but the new setup in their new HQ is going to be a big project as they will be moving employees from three of their offices to the HQ by December this year.
This comes as no surprise as an early survey conducted by Visa in February this year demonstrated that Ireland showed a 12.7% increase in card spending. Besides that, the adoption for contactless payments rose to one per second last year.
The Central Bank’s campaign on moving Ireland towards a cashless society began in 2014 where they launched a 1 million euro campaign to persuade both consumers and businesses to switch to digital transactions instead of cash and cheques.