Business News

Wexford to trial money rounding

03 September 2013

Wexford to trial money rounding

A trial to reduce the number of 1 and 2 cent coins in circulation will begin in Wexford in mid September.

The Trial announced by The Central Bank today will include more than 240 local businesses, will commence on Monday 16th September and run until Sunday 17th November.

The trial is voluntary, with the aim of The Trial being to reduce the number of 1 and 2 cent coins in circulation. The trial is a test to see how rounding will work in practice and it will aim assess the reaction of consumers and retailers.

The Rounding Trial rules are simple and fair for all. 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. Non-cash transactions are not affected.

Programme Manager for the National Payments Plan, Ronnie O'Toole said: "This week we are kicking off an intensive public information campaign to inform consumers about the Trial and how rounding works. We will also be conducting market research with consumers and retailers to assess the impact of the Trial".

A spokesperson for The Wexford Chamber of Commerce insists there has been enthusiastic support for the trial from local businesses. "The Trial is a great opportunity to show Wexford town in a positive light and help cement the brand of Wexford town as being highly innovative and a great retail experience".

It is also hoped that the trial will increase media attention the area receives, with the Spokesperson adding, "when Wexford was announced as the host town in July, we attracted local, national and even international interest and I expect a lot more interest in how the Trial works.'

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