iReach Insights Press Release
Only 32% like the
idea of shops, restaurants or cafes where you can only pay with card.
Main concerns: 1.
Taking away the free choice (56%) and 2. Too heavily reliant on technology
(46%).
However, the majority
(54%) believe that one day we will be only able to pay with card and other
alternatives payment methods to cash.
Top apprehensions associated
with a cashless society: 1. Exposing personal information to a possible data
breach (83%), 2. Banks starting to charge fees to compensate for possible
negative interest rates (82%).
Top benefits associated:
1. Less money laundering (48%), 2. Easier currency exchange while travelling
internationally (58%).
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A new coffee shop just opened in Dublin, which may be the first cashless
coffee shop in Ireland. With this in mind, iReach Insights conducted a
nationally representative survey on 1,001 adults in Ireland on their feeling
and attitude towards a cashless society.
This research reveals, that only 32% like the idea of
shops, restaurant or cafes where you can only pay with card. The majority of the adults in Ireland either doesn’t like the
idea (47%) or is unsure about it (21%). The ones being in favour of this
development mainly stated the following reasons: 1. It is quicker (59%), 2. They
generally prefer paying with card (56%), 3. It is more convenient (55%), 4. It
is easier (46%), and 5. They don’t like carrying cash with them (43%). On the
other hand, the opponents justified their scepticism by indicating that; 1. It would
take away the free choice of the payment method (56%), 2. It would be too
heavily reliant on technology (46%), 3. They generally prefer paying with cash
whenever they can (41%), 4. If they don’t have their card (lost or stolen), they
wouldn’t be able to pay (36%), and 5. Technical problems could occur on the
part of the establishment (36%).
Despite these concerns,
over half of the adults in Ireland (54%) believe that one day we will be only
able to pay with card and other alternative payments methods to cash. 48% think
that a cashless society
would result in less money laundering because there is always a paper trail
with card transactions. Furthermore, 58% agree that it would enable easier currency
exchange while travelling internationally. However, 80% point out that a fully
digital system is vulnerable to glitches, fraud and attack. 83% would be afraid
of exposing their personal information to a possible data breach and 78% would
be worried of technology or hacker issues leaving them with no access to their
money. Another concern, that 82% of the adults in Ireland share, is that banks
may start charging fees to compensate for possible negative interest rates. In
the opinion of 72% “cash free” means investing too much faith in the banks. 71%
even go so far and indicate that they don’t trust the government enough in
order to be willing to give them so much control. Moreover, 80% assume that
some may find it harder to control spending when they don’t see physical cash
leaving their hands.
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iReach Insights provides a range of research and market intelligence services in Ireland and Europe. iReach has built a Consumer Decisions Research Panel of 40,000 members in Ireland, delivering robust research insights. The survey questions were included in the Nationally Representative iReach Consumer Decisions Omnibus run between the 9th and the 16th May and has a 3% Confidence Interval and 95% Confidence Level.
Questions asked of participants:
Do
you like the idea of shops/ restaurants/ cafes where you can only pay with
card?
Why
do you like the idea of cashless establishments?
Why
don’t you like the idea of cashless establishments?
How
much do you agree or disagree with the following statements?
How
much do you agree or disagree with the following arguments in favour of a
cashless society?
How much do you agree or disagree with the
following statements against a cashless society.
iReach Insights Limited – Temple Hall, Temple Road, Blackrock, CO. Dublin, IRELAND.
iReach Managing Director: Oisin Byrne
T: 01-214 3740 or email: PR@ireachhq.com
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