Cash is legal tender and is a universally accepted payment method convenient for small value transactions. Cash is an integral part of making payments in Ireland. As more and more business is done over the internet, the volume of purchases made with cash is expected to decline. The societal cost of cash has been highlighted in recent times and a shift from cash to electronic payments could ultimately increase Ireland’s economic competitiveness.
Characteristics of Cash
- Universally accepted payment method in almost every place in the world
- Useful for small payments as it is quick and convenient
- Provides instantaneous transfer of value
- It is unsafe to carry cash in large amounts.