30% Of Laois Businesses Ready To Go Fully Cashless

Tuesday, 2 May 2023 15:27

Businesses are also seeing a return of cash due to the cost of living crisis.

33% of Westmeath businesses and 30% of Laois merchants ready to embrace a fully cashless environment.

That's according to a survey by BOI Payment Acceptance (BOIPA).

61% of businesses in Offaly, 85% of Laois companies and 73% of business owners Westmeath believe the increase in card over cash transactions has helped them run their business

The cost of living crisis and business running costs dominate as key concerns across all sectors.

Two in five businesses nationally felt the general increase in card over cash transactions had made no material change to how they run their business.

BOI Payment Acceptance’s General Manager Conor Quirke notes how the survey’s findings signal businesses’ growing consciousness of the benefits from the continued advances in the digital payments sector.

"The number of businesses unaware of the absence of a contactless limit on phones and watches may seem high but, given that businesses claimed less than 10% of transactions were made through mobile wallets just two years ago, the potential of this new payment trend is still being realised.”

“Our findings show that businesses are becoming accustomed to realising the adjacent service benefits digital payment technology offers - from reducing cash lodgement trips to the bank branch, managing day-to-day cash flow through to streamlining administrative tasks and planning. And let’s not forget the reduced security risk of not having large amounts or indeed any cash on site.”

“Our merchant insights show that businesses are continuing to embrace digital payment technology. Results from this year’s survey emphasise the continued growth of digital and mobile wallet payments, a greater awareness of the adjacent benefits of digital payments for small businesses, and lastly the very upbeat sentiment amongst Irish businesses despite the challenging macro-economic picture.” BOIPA’s General Manager, Conor Quirke