Mr. Liam McLoughlin:

The app is effectively the mobile phone. It is significant. In the past 12 to 18 months alone, the quantum of cheques being used has decreased dramatically by in excess of 26%. People are using fewer cheques for transactions.

The Senator is right about what he pointed out. We are cognisant of the issue and are trying to find solutions. The situation with coins in particular is more difficult. Contactless transactions of less than €30 using the tap-and-go card have undermined coin transactions, but the coin is still there. It is a challenge, and much of the solution will probably involve accelerating the usage of devices such as contactless. Strangely, we have found that shops that have introduced contactless devices have seen their turnovers increased by a minimum of 20% because customers have developed a new behaviour towards small value transactions, for example, buying a cup of coffee. It has been a good experience for shops.

One sector that has been hit by the coin challenge is that of charities. Even they are introducing tap-and-go solutions across the board. According to a survey that I saw this week, a number of those charities have seen a doubling in their charitable funds with the replacement of coins.

The situation poses a challenge and there is a significant cost involved in the handling of coin. Cash-in-transit trucks are coming to the fore in terms of helping us to solve that challenge.