The Irish Payment Services Organisation (ISPO), a regulatory body that operates, develops and promotes Payments in Ireland, is officially replacing Laser cards, which are used at retailer stores for making payments, with Visa and MasterCard debit cards.
By 28 February 2014, the operation of Laser card transactions will end, claims the organisation.
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Following the cut off time and date, retailers attempting to use the Laser card will receive error message.
The ISPO has urged the retailers that currently accept Laser cards, to make alternative payment arrangements.
The first Laser card transaction was done in 1996. It reached its highest number in 2011 when there were over three million active Laser debit cards in the market.
In 2010, the Laser cards that were used to purchase goods and services generated around 11.1bn, the highest in its 18-year tenure.
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