Dáil Éireann Debate, Tuesday - 19 October 2010
202 Deputy Damien English asked the Minister for Finance in view of the fact that a recent report estimated very significant savings to the Irish economy from the more widespread use of electronic payments, if he will outline his strategy to drive electronic payments here; if that strategy is being implemented in a timely fashion; and if he will make a statement on the matter. [37185/10]
View answerThe promotion of the use of electronic payments is a key Government policy and a number of initiatives have already been taken in this regard, with the longer-term objective of significant reductions, over a number of years, in the volume of paper-based payments in use throughout the economy. This policy is fully aligned and is developing in tandem with market and regulatory developments at EU level, including the Single Euro Payments Area (SEPA), the introduction of the Payment Services Directive from November 2009 and the introduction of the revised Electronic Money Directive from April 2011. In promoting this policy objective, the Government has reduced stamp duty on combined ATM cards from €10 to €5 in Budget 2009, building upon changes in the previous year's Budget. Stamp duty on cheques was also increased from 30 cent to 50 cent per cheque, to act as a further disincentive to cheque usage. As part of the process of increasing the use of electronic payments new governance arrangements are required. I am currently considering the recommendations made by the National Payments Implementation Programme Advisory Group in their report on the possible mechanisms and mandate to further promote the development of electronic payments.
