Only 32% like the idea of shops, restaurants or cafes where you can only pay with card.

iReach Insights Press Release

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23rd May 2019

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%). 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.

About iReach Insights 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