Major Rule Change For Irish Businesses And ATMS: New Law Means You Can Pay In Cash Whether Shops Like It Or Not Amid Cyber Attack Concerns
Some shops will now be legally required to accept cash amid cyber attack concerns – however, hairdressers and some other businesses will be exempt
Ireland has officially moved to protect the role of physical money in everyday life, as President Michael D Higgins has signed into law a major piece of legislation that ensures access to cash will remain available across the country earlier this week.
The Finance (Provision of Access to Cash Infrastructure) Act 2024, better known as the Access to Cash Act, was brought forward following a recommendation made in the Retail Banking Review of 2022.
Under the new law, Ireland’s three main retail banks are now subject to specific requirements when it comes to the availability of cash services.
This includes a mandate to maintain a set number of ATMs and cashpoints in communities across the country.
New rules are also being applied to certain types of businesses. Supermarkets, convenience stores and pharmacies will now be legally required to accept cash payments from customers.
Other types of businesses, such as salons, are not included in the same requirement but must clearly display that they do not accept cash if that is their policy.
Minister for Finance Jack Chambers had previously underlined the significance of maintaining access to cash for both the public and small-to-medium-sized businesses across Ireland.
“Cash is important to consumers in all walks of life because it is a private, secure and instant form of payment,” he said.
“It is a budgeting tool for many, and it allows individuals to maintain their financial independence. It is also important for the day-to-day revenue and expenses of so many of our SMEs.”
The Central Bank has welcomed the new law, with Governor Gabriel Makhlouf describing it as a meaningful step in protecting the resilience of the cash network.
“It will also provide for the fair, orderly and transparent management of the cash infrastructure as people’s payment preferences continue to evolve,” he added.
The introduction of the Access to Cash Act comes amid a shift in how people manage money and make payments, with electronic and contactless options increasingly common.
However, this legislation now ensures that the right to use cash remains a protected option in an evolving financial landscape.
