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Sandra Smith, Executive Director Asia Pacific
E: [email protected]
T: +61 4 24 300 660
What to expect in May 2021
Once again the importance of cash as both a payment method and a store of value has been clearly demonstrated. A recent analysis released by the Reserve Bank of Australia has shown that during the uncertainty of the pandemic, people turned to cash as a way to secure their financial position. This speaks to a more important point: cash is the most secure and reliable means of making payments. As Reserve Bank Governor Lowe explained, “cash does not require the internet to be up, electricity to be working and the banks' systems to be operational”. Beyond the pandemic, the recent flooding events in New South Wales have emphasised the need for cash as a way to provide certainty and a dependable means of payment. To view the RBAs trends in cash during the pandemic click here.
The minutes from ATMIAs 1st Strategic Direction conference forum held in April is now available, to read the full report click here.
As we continue to make the most of the recovery, industry events will be crucial to sharing ideas and promoting growth. We will be holding two events for this region this year, Next Gen Asian ATMs Singapore 28th-29th July and Next Gen ATMs & Payments: Innovate Advocate & Inspire in Sydney held on 9th &10th December. If you would like to present or sponsor at these events, do not hesitate to contact [email protected].
Finally, ATMIAs new Position Paper on Universal Cash Deposits at ATMs to view click here
Asia Pacific Industry Position Paper: Calling for a mandate on cash transaction below $10,000- (effective July 2020)
Some retailers have gone cashless, which denies members of the public the freedom to choose how they wish to pay for goods and services. Cash, as public money, is guaranteed as legal tender and yet cannot be used at these cashless retail outlets. In addition to being public money, cash is a back-up when systems fail or malfunction. With the recent introduction of a $10,000
limit on cash transactions in Australia, it is essential to secure the role of cash as a payment option for transactions below this amount. The ATM Industry Association proposes a mandate for cash as a payment option for in-person transactions below $10,000. To read the full paper click here.
ATMIA in conjunction with Cash Welcome continues our fight against a cashless society to ensure cash remains part of the Australian payment system.
Following months of building a board base support for the cash mandate, to protect the option to use cash at retail establishments, a petition is now open to members of the public to sign. This represents a new phase in the campaign to have cash-secured as a payment option for all citizens. ATMIA will continue to advocate strongly for a cash payment option in order to guarantee long-term security, stability and accessibility of the Australian payment system to all.
To sign the Cash Welcome.org petition click here
ATMIA will continue to reach out to numerous associations and organisations outside the ATM Industry to gain their support for a ban on cashless retail outlets, in order to keep payment choice alive.
Member of the Month- April
Glory Global Solutions
Updates Next Generation Banknotes in 2020
OVERVIEW IN 2019
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