From today, the fees retailers are charged for allowing customers to pay by credit or debit card are being lowered - by half.
The measure, announced in Budget 2016, is designed to stop places like shops, pubs and restaurants charging customers extra for paying by card. The Finance Minister says the move should also stop retailers forcing consumers to spend a minimum amount like €5 or €10.
The cap placed on retailer fees for accepting debit and credit cards today is expected to save companies up to €36M a year; a saving consumer groups are keen to get passed on.
The Finance Minister says Ireland is now one of the most card-friendly countries, with one of the lowest rates of debit card interchange in Europe.
Michael Noonan said he now wants to see consumers benefit from the changes "if they choose debit cards as their preferred method of payment. We are all familiar with outlets who will not accept card payments under €10 or in some cases €5. In response to the benefits I announced on Budget Day, I am now calling on retailers to remove this minimum spend".
Dermot Jewell from the Consumer Association of Ireland said "The reality and the expectation from the Minister for Finance is that these savings should be passed onto the consumer."
"Certainly the Consumers Association of Ireland would see no reason why it should not be passed back".
