Michael Ring
Question:158. Deputy Michael Ring asked the Minister for Finance to outline the legal position in relation to businesses not accepting cash; and if he will make a statement on the matter. [40159/23]
View answerWednesday, 20 September 2023
Questions (158)
Written answers
In relation to the acceptance of cash, the general position for businesses is where a business places no restrictions on the means of payment it is prepared to accept, it must accept cash as legal tender when offered by a customer to settle a debt that has arisen. If a business specifies that payment must be in a form other than cash, for example through a sign stating, “cash not accepted” or “card payment only” at the store entrance or check out area, the customer cannot subsequently claim a legal right to pay in cash. The converse also applies if a business only accepts cash and will not accept payment by card.
As required by one of the recommendations in the Retail Banking Review, approved by Government and published in November 2022, the Department of Finance is preparing a new National Payments Strategy to be completed in 2024. One of the key objectives of the Strategy is to ensure “Access and Choice” in the form of promoting reasonable options for consumers and small business.
A key component of the strategy is a payments roadmap which will examine trends and developments in digital payments (including card) and consider how best to achieve the overarching objective of access and choice in the payment methods used in Ireland, be it cash, card, etc. I expect the Strategy to examine the relevant issues holistically and to make recommendations that will ensure the payments system enables consumers to have access to all the necessary payment means needed to fully participate in society and the economy.
The Deputy should also be aware that on 28 June the European Commission put forward two proposals within a ‘single currency package’ to ensure that individuals and businesses can continue to access and pay with euro banknotes and coins across the euro area, and to set out a framework for a possible new digital form of the euro that the European Central Bank could choose to issue in the future, as a complement to cash.