Supermarkets and pharmacies will have to accept physical cash under new plans to keep money in the economy.

It is one of a number of measures going before Cabinet this morning.

The use of physical cash has fallen from €20 billion before the pandemic to €13.5 billion in 2022.

The use of ATMs has also declined by almost 45%.

A woman entering her PIN into an ATM in September 2020. Image: Andy Gibson / Alamy

The Government is now launching new Access to Cash laws to keep physical money in the economy.

Supermarkets and pharmacies will have to accept cash as medicine and groceries are essential services.

There will also have to be a certain number of ATMs per 100,000 people and within 10km of where they live.

Cash v card

Currently, businesses must accept cash unless it is clear they only accept other ways to pay.

The Competition and Consumer Protection Commission (CCPC) has said this can be as simple as a sign in the shop saying 'card transactions only'.

"As long as you decide to continue in the presence of such a sign, this is considered agreement", it it said.

If a business doesn’t clearly state that it only accepts certain methods of payment, it must accept cash.

Also going before Cabinet are plans to make sure people who rent out their rooms do not lose their medical cards, while certain medicines - such as the pill and medicines for minor illnesses - are going to be available over-the-counter.

Main image: A man hands over €50 notes from a large bundle of cash. Image: Paul Maguire / Alamy