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Sandra Smith, Executive Director Asia Pacific
E: [email protected]
T: +61 4 24 300 660
What to expect in June 2023
With the media continuing to push the false narrative that there is an unprecedented surge in digital payments, it is easy to fall into the misconception that cash is becoming irrelevant. Cash continues to play an essential role Australian society. This is particularly the case for our most vulnerable: people in rural and regional communities, the elderly, and those struggling to get ahead.
In the face of new methods of payment, cash continues to be a significant player. According to the Reserve Bank of Australia a significant proportion of transactions are still conducted with cash. Cash offers various advantages that are yet to be matched by cashless transactions. It is universally accepted. Cash is accepted by virtually every business across the country, irrespective of their size or technological capabilities. It remains the most inclusive form of payment, with no requirement for technological tools, internet access, or bank accounts. This ensures that all members of society, especially those with limited digital access, can participate in the economy.
The strength of cash also lies in its simplicity and reliability. In the event of power outages, network issues, or cyberattacks, cash remains a fail-safe method of transaction. It also protects privacy, with cash transactions leaving no digital trail. This is an essential consideration for many, particularly in an age of heightened concerns around data privacy and security.
The weaknesses of cashless payments and their associated technologies has been brought to the forefront with the announcement by the Federal Government that it will be moving to regulate buy now pay later apps. Research has shown that people who use buy now pay later apps are more than twice as likely to end up in financial trouble as a credit card customer. Stories of exorbitant late payment fees and hidden terms and conditions have also pushed the government towards regulation. This highlights the importance of cash as an easily understood, transparent, and easily budgeted payment tool.
In relation to the Liquor and Gaming Department NSW, its been advised a cardless trail of at least 500 machines, with a mix of hotels & clubs across regional and metropolitan will start 1st July, 2023. ATMIA will continue to monitor the situation, for further information please visit the Liquor and Gaming NSW webiste click here.
A reminder with the joint CashWelcome Group and ATMIA online petition to ensure that cash can be used in all retail outlets for transactions under $10,000. The petition has now reached over 100,000 signatures and there is significant interest from both the media and politicians. A key theme from all signatories is the importance of ensuring that consumers have the right to choose their payment method. Please do not forget to sign and share this petition by clicking here.
FYR- Media Release -June 2023: The Hon Jim Chalmers MP- Modernising Australia's Payment System
Global Security Summit 2023
Mark your calendars now to attend the Global Security Summit 2023 hosted by ATM Security Association(ASA) and ATMIA. The theme of this premiere global security event is Building on Global Industry Efforts to reduce ATMIA crime to be held in Nashville on the 13th & 14th of September.
This event will bring together security professionals and end-users to connect and discuss new and emerging security technologies throughout the industry. Discounted tickets are available to our ASA and ATMIA members. More information on registering, call for speakers, etc is coming. We look forward to seeing you in Nashville.
What’s new to the ATMIA website
Now is a good time to familiarise yourself with the many features and services offered on the ATMIA website. With nearly 20 active committees, why not consider joining one of them in 2023? It's a free service and you'll benefit from the insights shared by your peers and industry experts.
To view the complete list of ATMIA committees click here.
Seven Bank, has been an associate member since 2019. As a unique bank that offers convenience, reliability and trust,
Seven Bank continues to launch new initiatives that support people and society. As a vital part of people's daily lives,
we remain inventive, striving to create new lasting value beyond traditional financial services.
To find out more about ATMIA Asia/Asia Pacific Member of the Month, click here.
Updates from the RBA
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)
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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