Aussie Cash Clash: Fighting for Payment Choice - June 16, 2024

Aussie Cash Clash: Fighting for Payment Choice

Sunday, June 16, 2024

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Company: ATM Industry Association

Last month, substantial developments occurred in the government space. The Senate Standing Committees on Rural and Regional Affairs and Transport has released its final report into Bank closures in regional Australia. ATMIA has been closely following and involved in this process and submitted to the committee, strongly advocating for the importance of maintaining payment choice and access to cash. The final Report adopts a strong pro-cash position. Of note, one of the key recommendations of the report is that the Government should commit to guaranteeing reasonable access to cash:

Recommendation 1

The committee recommends that the Australian Government adopt a policy recognising access to financial services as an essential service. To this end, it should commit to guaranteeing reasonable access to cash and financial services for all Australians.

To read the full list of recommendations, click here

We were pleased to see that the report echoed many of the arguments we have consistently raised in the fight against a cashless society. It highlighted several case studies of disadvantaged, vulnerable individuals and communities impacted by natural disasters. This reaffirms that Australians value payment choice and that more action is needed to secure this.

The Australian Competition and Consumer Commission (ACCC) has also made a significant move by releasing its final determination on an application by the Australian Banking Association. This application was to engage in negotiations with the cash industry to secure the long-term viability and sustainability of wholesale cash distribution and access to retail cash services. The authorisation is in effect until 31 October 2024. This is a crucial step in setting a clear path for both cash and the ATM industry. ATMIA will continue to monitor these developments closely and keep our members informed. If you have any concerns or would like to see a particular issue raised, please don't hesitate to contact [email protected].

Click here to read the ACCC report on the industry and continue collaborating on cash transit arrangements.

On a separate note, last week, I met with the independent Federal MP for Fowler, Dai Le, to discuss the importance of cash and payment choice. Dai Le's electorate of Fowler is in South-Western Sydney and incorporates suburbs including Cabramatta. It is an electorate that understands the importance of cash: many small businesses in the area promote using cash to provide better value for their customers.

See the full interview later in this newsletter.

Mark your calendar and start planning for two significant industry events that are coming up.  

First, Europe and Emerging Markets- Advocating for Cash ATM Security & Payment Choice.
Venue: Royal Garden Hotel, London
When:8th-10th October 2024
To register, click here.

Second, “A New Era of AI => ATM Intelligence”- USA event.
Venue: Rosen Shingle Creek- Orlando, FL
When: 5th-7th February 2025

Both events will feature global industry expert presenters who will share their insights into the latest industry trends and advances and showcase new and upcoming products and services. This one-stop ticket to either event will provide attendees access to all conference sessions and exhibition halls. Engage with decision-makers from small, medium, and large ATM operators looking to improve their business.

There are great opportunities to exhibit or sponsor either event. To discuss these opportunities further, please proceed to the next step and contact [email protected].

"On behalf of Lonnie and the ATMIA team, thank you for your ongoing support."

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