In recent years, Ireland seemed destined for a cashless future with card-only cafés, a lack of ATMs and rural areas losing their bank branches. But are we changing direction?

The Government has introduced new rules ensuring access to cash, with legislation introduced requiring ATMs to be located within 10km of the vast majority of homes and businesses. 

On Newstalk Daily’s latest podcast, Tara Duggan, proudly calling herself a “Cash queen” explored whether Ireland is turning away from a fully cashless society.

Newstalks political correspondent Sean Defoe, who admitted that he “never carries cash,” said he struggled to remember the last time he used it in everyday life, except in the odd car park.

“I had avoided using Apple Pay for years, but now I’m one of those annoying people that use their phone to pay.”

Despite this digital shift, research from the Department of Finance in 2024 found that 92% of survey participants still use cash, proving cash is still thriving within Irish society.

However, Defoe remarked that with the effects of the Covid-19 pandemic, people were increasingly using digital payments.

"[With] the pandemic, you can understand why people moved away from cash, for hygiene reasons."

Not only that, but ATMs were avoided and contactless became the height of convenience.

PKDCCY Counting cash-euro banknotes-fifty euros banknotes

Banking expert John Lowe believes this is the way forward.

“I am in favour of a cashless society, it suits me," he claimed. 

“I can’t remember the last time I used an actual credit card,’ as he stated his full dependence on Apple Pay.

However, Lowe remarked that other individuals and groups would struggle without the use of physical cash.

"There would be worries for older people," he added.

Who Wins in a Cashless World?

Author of 'Cloudmoney' and financial critic Brett Scott argues that there’s more to the story:

“The banking sector and the tech sector are the primary beneficiaries," he stated.

"What people want in a society is a choice, but the industries want to get rid of it.”

He warned listeners that digital dependency is fragile, and will not always be reliable:

“It’s stupid to be completely dependent on digital infrastructures, simple hacking attacks can take down your entire economy,” said the author.

"In the geopolitical tensions, climate change and resource shortages, all digital hype is based on the unrealistic assumption that there can be this endless digitalisation, which from a resource perspective and a geopolitical perspective is totally unrealistic."

“You want to think about cash being the emergency stairs in a skyscraper. You may find the elevator convenient, but it doesn’t mean you take away the stairs, ” he added.

Written by Annemarie Roberts