Benefits claimants and state pension recipients will soon be required to have their payments made into a bank or online account.
Fewer than 3,000 benefit and pension recipients now collect in cash and becoming uneconomical.
From January 31 2025, the facility will no longer be an option for new customers.
Existing customers will be able to continue using MiCards until the end of 2025.
Treasury Minister Alex Allinson said: ‘For many years a decreasing number of individuals receiving welfare payments have done so through the MiCard system with the majority now receiving payments directly into their bank account.
‘The decreasing number of people using the service means that it has reached the stage where it is no longer viable and better alternatives are now available. We will be encouraging all pension and benefit claimants to switch to bank transfers or alternative methods and the MiCard service will cease at the end of next year.
‘We will be working with the Isle of Man Post Office on this transition over the next 14 months. This change will result in a saving of over £500,000 per year.’
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