SHOPPERS IN WEXFORD Town won’t be using 1c and 2c coins from today, as part of a pilot scheme run by the Central Bank.
The ’rounding trial’ begins this morning. The Central Bank said that more than 240 local businesses had signed up to participate in the trial, which will run until Sunday 17 November.
It will reduce the number of 1 and 2 cent coins in circulation as well as testing how rounding prices will work in practice.
The Central Bank said the trial is being used to “assess the reaction of consumers and retailers”, leading to speculation it could have an impact on whether 1c and 2c continue to be used in Ireland, or whether consumers will be given the option in future to not use the coins and have their transaction bill rounded.
So how will the rounding trial work?
According to the Central Bank:
- Cash transactions are rounded to the nearest 5 cent at the till, to remove the need for 1 and 2 cent coins in change.
- The price of individual goods or services will remain unchanged as only the total bill will be rounded.
- Eg: A transaction costing €10.21 or €10.22 will be rounded to €10.20.
- Eg: A transaction costing €10.23 or €10.24 will be rounded to €10.25.
- Non-cash transactions (eg credit card, cheque, electronic payments) are not affected.
- Participation in the trial is voluntary.
Programme manager for the National Payments Plan, Ronnie O’Toole, said earlier this month that there had been a “huge level of interest” in the plan.
The bank will be carrying out market research with consumers and retailers to assess the impact of the trial.