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Central Bank kicks off €1m campaign for cashless society

Have you ever thought about what it would mean for your organisation if it did go cashless? 
Here at MonitorIT we talk about the benefits of going cashless a lot, but have you ever really thought about what it would mean for your organisation? The Central Bank of Ireland has and from their research they are all for going cashless! They are so sure a cashless society is the future they are launching a major national campaign to persuade consumers and businesses in Ireland to stop using cash and cheques and start using more online transactions.

But why are they so keen on going cashless? The bank has calculated that it would save the Irish economy €1bn, yes 1billion, a year if they were to increase the use of electronic payments with debit cards, smartphones and online transfers. The central bank is currently in the process of hiring the right advertising agency to launch their powerful message with a massive marketing campaign. If you would lie to read more about this, please click here.

How are they able to save €1 billion a year? Have you ever thought about the cost of cash? According to Sage Pay’s Payment Landscape report 2016 the cost of cash in the UK for retailers apparently is around £17.8 billion per year! A massive amount of money, but if you think about what you have to do with cash it makes sense… you have to store it, guard it, account for it, transport it. Not only that, cash is the most error-prone payment method there is and it is wide open to theft which doesn’t happen as much with none-cash payments, the same temptation just isn’t there. So when you think about what’s involved in using cash and think about all the administration that is needed when you have cash on your premises, it’s no wonder organisations are moving away from cash towards less cash systems.

The technology is already out there to help transform the way we spend and receive money. It has been reported that cashless payments have now overtaken the use of coins and notes for the first time. This only confirms that these new technologies are already being embraced, that cash is on its way out and society is beginning to embrace the idea of being cashless.

So where will you be when this happens? There are many placeswhere going cashless can happen now and actually make life easier. Take a university or college campus for example; most universities or colleges are full of technically savvy young students who embrace new trends much earlier than most and many of your students will have already be using cashless payment methods such as mobile wallets. How do you keep up with these trends? By adopting a cashless campus of course! Not only are you embracing new trends but you are also becoming a part of the cashless society.

What can MonitorIT’s cashless solution do for you? How can it solve some of the issues caused by using cash?  Reducing your reliance on cash can save you money by reducing the administrative costs associated with having cash on site, such as handling, storing, insuring and by having a system that doesn’t require staff to be constantly monitoring different systems for different lots of money. This offers you savings on staffing and allows your teams to get on with more important jobs... just think about it, no more collecting cash from the 15+ vending machines you have around campus or from food outlets, laundries etc. Going cashless speeds up transaction times in your outlets, such as canteens and on-campus shops, as it allows payments to be taken quickly and students won’t need to queue for as long so service times and delivery are much better all round. These are just a few of the benefits MonitorIT’s cashless campus solution offers.  To find out what else it can offer click here.

If you would like to know more about how cashless is affecting the education landscape and learn more about the benefits of going cashless click here. Alternatively give us a call on 01494 565066 or email solutions@monitorit.co.uk
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