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Sandra Smith, Executive Director Asia Pacific
E: [email protected]
T: +61 4 24 300 660
What to expect in July 2021
There have been a number of important recent developments which have shown the necessity of cash as a payment option. In late June major Australian banks suffered numerous service outages which affected their merchant systems, notably restricting the ability of businesses to accept cashless payments. There were extensive reports of businesses unable to process payments, and even having to close as a result of this outage. This lost opportunity could simply have been avoided by diversifying payment options and not relying on a single method. The impact of buy now, pay later loans has also been subject to significant scrutiny recently as the impact upon vulnerable groups is becoming clearer. Cash provides consumers with the easiest and most effective way to budget. Unlike cashless buy now, pay later apps, consumers have complete control and understanding of how much money they have to spend.
Points of interest in July:
What's new to ATMIA, take some time out to view the following:
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- July
The Bank’s group comprises 13 companies, i.e., the Bank and its eight consolidated subsidiaries (FCTI, Inc., PT. ABADI TAMBAH MULIA INTERNASIONAL, Bank Business Factory Co., Ltd., Seven Payment Service, Ltd., Pito AxM Platform, Inc., Seven Global Remit, Ltd., ACSiON, Ltd., and Credd Finance, Ltd.) and four affiliates (Seven Pay Co., Ltd., TORANOTEC Ltd., TORANOTEC Asset Management Ltd., and Metaps Payment Inc.), operating in each business field in Japan and overseas. In Japan, in addition to the ATM platform business, which is its core business, the Bank’s group conducts the settlement and account business. Overseas, it develops ATM services in the United States and Indonesia To read more click here
RBA -Update-access to cash, the counterfeiting landscape and more- Effective June 2121
Updates Next Generation Banknotes in 2020
OVERVIEW IN 2019
Online library of resources for ATMIA members on current issues and trends in the global marketplaces of our industry.
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