BANKS and building societies are preparing to launch a new electronic card system for customers.

The Laser card, which has been used by up to 8.000 people in Wicklow. Wexford and Waterford as part of a pilot project over the past four months, will be introduced gradually throughout the Republic this year. The debit card, which allows customers to pay for goods and services in shops garages and restaurants, is designed to cut dawn on the need to use cash machines and cheques.

Ten financial institutions will be providing the Laser service. They include ACC Bank, AIB, Bank of Ireland, the EBS Building Society. First Nationwide, the Irish Permanent, National Irish Bank, TSB Bank and Ulster Bank.