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The essential role of cash in the economy has once again been brought to the forefront. A major power outage last month, in Brisbane following a turbine fire at the Callide Power Station resulted in hundreds of thousands of homes and businesses losing power. The importance of cash as a safe and reliable payment method was shown in plain sight as businesses that were cashless were unable to continue trading unless they accepted cash.
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Earlier this week a major service outage prevented many small businesses across the country from processing EFTPOS payments. This meant a significant inconvenience for customers and lost transactions for businesses. The message is clear: cash remains an indispensable part of the payment system and only cash can offer a universally accepted, safe, secure, and discrete method of payment.