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BUDGET 2016 Migration To Electronic Transactions Good For Retailers, Says Retail Ireland

Ibec group Retail Ireland has welcomed measures in Budget 2016 that encourage greater use of electronic transactions, including new legal caps on the multilateral interchange fee levied on debit and credit card transactions.

"Eliminating the barriers to the proper functioning of a modern, dynamic and competitive payments landscape will help support the right conditions for growth, investment and job creation," said Retail Ireland Director Thomas Burke.

“Encouraging consumers’ use and retailers’ acceptance of electronic transactions over cumbersome and costly cash will save money and time, as Ireland continues its transformation to a cashless society."

Retail Ireland also said that the more 'consumer-friendly' elements of the Budget will give support to the sector, particularly as Christmas 2015 approaches.

"Cuts to income tax will boost consumer spending and support job creation," said Burke. "The Budget will put more money back into people’s pockets, and further support recovery in the sector."

He did, however, express disappointment at the increase in the minimum wage without any meaningful measures to offset costs for employers.

"The minimum wage increase is premature and will disproportionately impact the retail sector, where labour costs make up a large proportion of the cost base," he said.

© 2015 - Checkout Magazine by Stephen Wynne-Jones

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