Over the years, technological advancement has led to the global disruption of various business sectors. In the finance sector, the adoption of cashless payment methods enabled by technology is increasing, especially among European countries. Cork city in Ireland announced plans to become Ireland's first cashless city with a scheme known "Cork cashes out" in 2015. Customers were encouraged to shop with debit cards rather than cash to participate in competitions for a range of prices. The researcher adopted a cross-sectional survey method and quantitatively analysed the data collected from a sample of 100 retail firms. The study found a significant positive relationship between profitability of retail firms and the adoption of a cashless payment system. The findings also showed that investments in financial innovations on a cashless payment system benefit sales. Furthermore, findings showed (82%) of the retailers prefer cashless paymentsto cash payment for transactions. The finding also revealed a significant downside for transitioning from cash to cashless transactions on retail firms. Lastly, the study discovered that the significant challenges faced by retailers are 'holding too much cash' and 'physical contact with customers during the pandemic.'