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Sandra Smith, Executive Director Asia Pacific
E: [email protected]
T: +61 4 24 300 660
What to expect in September 2021
Last month the Government released the Payment System Review, marking the first major review of the Payment System in over two decades. While making commentary about the rise of digital payments and their implications on the payment system more broadly, the review makes important conclusions about the role of cash as a future method of payment.
“[Cash] is expected to remain an important method of payment well into the future, not only for vulnerable consumers but as an important ‘back‑up’ form of payment not tied to the digital economy… Given this, the distribution of cash will also remain a critical system that ensures that there is an adequate supply of cash available across the economy”
The Payment System Review clearly demonstrates the ongoing importance of cash, and places cash as a critical method of payment which must be protected. By making such an emphatic commitment to cash as a critical part of the payment system, the review shows talk by particular circles about the move towards a fully cashless society as being unfounded and speculative at best, and misleading at worst.
Join us to discuss this issue further and hear from the RBA and law enforcements for relevant industry updates at the next Strategic Direction teleconference to be held on 15th September @ 4pm Sydney time.
Please contact [email protected]. if you require us to resend the dial up details.
What's new to ATMIA
Important Notice : Change of Date
Member of the Month- September
Updates Next Generation Banknotes in 2020 and 2021
OVERVIEW IN 2019
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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