No new cards being issued
Six hundred MiCard users have switched to having their benefits and pensions paid directly.
That's out of the 3,000 people who are currently registered for a MiCard.
Treasury announced in October that the service - which enables people to receive benefits or pensions in cash at branches of the Post Office - would no longer be available after the end of December.
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.
"This means that it has reached the stage where this is no longer viable and better alternatives are now available.
"We will be working with the Isle of Man Post Office on this transition over the next 12 months.
"This change will result in a saving of over £500,000 per year."
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