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Sandra Smith, Executive Director Asia Pacific
E: [email protected]
T: +61 4 24 300 660
What to expect in March 2024
The vulnerability of relying on cashless payment methods has yet again been demonstrated with a global outage of ANZ’s payment system. The outage lasted for over 8 hours, and media reports claim that numerous customers had to stop their purchases because they were unable to complete their payments. This incident underscores the importance of building resilience in the payment network. The most important element is ensuring that cash, the most secure and reliable payment method, remains available and universally accepted.
I want to bring to your attention some upcoming events in this region for you to consider:
Let’s continue to work together and mark 2024 as a year of opportunities.
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Updates from the RBA in 2023
Updates Next Generation Banknotes in 2022
Updates Next Generation Banknotes in 2020 / 2021
Updates Next Generation Banknotes in 2019
Important dates:
The Reserve Bank of Australia: Next Generation Banknotes
Asia Pacific Industry Position Paper: Calling for a mandate on cash transaction below $10,000- (effective July 2020)
Position
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.
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