20 PER CENT of businesses in Limerick City and County say they would like to be fully cashless in the foreseeable future.
That’s according to new figures from the Bank of Ireland Payment Acceptance’s (BOIPA) annual Merchant Insights Survey, carried out in businesses across Ireland to find out what their opinions and concerns were for the future.
As much as 60 per cent of businesses in Limerick said that the increase in use of card payments has been of benefit to them and offered an increase in security, as card payments were seen as being safer and more secure than handling cash.
The study also found that 42 per cent of Limerick businesses were not aware that there is no limit on the amount that can be spent using mobile phone wallet transactions, such as Apple Pay or Google Pay.
Nationally, this figure stood at 48 per cent.
Six in ten Limerick business owners said that despite the current economic challenges and the cost of living crisis, they are confident that they will be able to grow their business this year.
The increased cost of living and current running costs were also among key concerns raised by Limerick businesses, with four in five saying running costs represented a significant challenge. Three quarters feel that the cost of living crisis would impact their business.
Only seven per cent of businesses in the county feared scaling back or having to close up shop altogether.
BOIPA General Manager Conor Quirke said that the survey’s findings signal a 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 ten per cent 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,” he said.
