IPSO, the Irish Payments Services Organisation, has called for cheques to be eliminated by 2016. The organisation described Ireland as amongst the most inefficient countries in Europe when it comes to embracing electronic payment methods.
It says the country's reliance on cheques and cash is costing the economy up to €1.4 billion a year. IPSO says the cheque is now 'an obsolete form of payment'.
Chief executive Pat McLoughlin told the National Payments Conference in Dublin that a shift to electronic payments would boost competitiveness.
IPSO says that, on a per capita basis, Ireland's cheque usage is about double that of the EU average with cheques accounting for more than 75% of all non-cash payments. Mr McLoughlin said this meant significant costs for small and large businesses.
'A deadline to eliminate cheques from Irish society is vital and we believe that cheques should be obsolete by 2016,' he said.
IPSO also released new survey figures showing that 73% of the Irish population now own a Laser card, which is a 40% increase on card ownership since 2006. 69% of consumers said they would increase their card usage if the minimum spend requirement was removed by Irish retailers.
