Cash: A Cost-Effective and Secure Payment Option

Australians are paying significant costs for the push towards a cashless society. Recent media reports show contactless payments cost consumers around $960 million yearly. 

These costs come in many forms, mainly through surcharges on payments. 

• Eftpos- 0.5%
• Debit- up to 1%
• Credit cards can attract up to a 2% surcharge.

Consumers can avoid this cost by using cash. Cash has significant advantages: It contributes to the security and reliability of the payment system and is universally accepted. ATMIA has been pleased to be part of a growing movement opposing calls for a cashless society.

Last month, we saw significant developments in the cash space. At our Strategic Direction teleconference, we heard from an independent federal member of Parliament, Bob Katter. In this call, Mr Katter spoke about the importance of maintaining payment choices, particularly in ensuring that the most vulnerable members of society, including pensioners, people with disabilities, and regional Australians, can make reliable and fee-free transactions from his perspective. We thank Mr Katter for his time and ongoing advocacy for cash. 

The importance of cash for small businesses was recently underscored in a report released by Xero titled “I want to pay that way”. The report outlines that small businesses continue to rely on cash as their preferred payment method. The survey found that 86% of small businesses said there would be an impact on their business if cash disappeared tomorrow, while 36% of small businesses said it would have a high impact. The report has also validated the issues relating to cashless payments, which we have been reporting on for some time now. There are significant concerns within small businesses about the hidden fees associated with cashless payments, along with security concerns. 

Two upcoming events in 2024 are not to be missed!

A webinar from Interpol presenting insights into Interpol's new initiative on stopping payments continues to gain momentum. This presentation will give delegates a deep understanding of how I-Grip, a stop payment mechanism, has enabled authorities to trace, intercept, and freeze the proceeds of crimes across borders. I-Grip: A Global Rapid Payment Intervention was launched in 2022. Countries have been reported to have intercepted over US$200 million, mainly from cyber-enabled fraud.

Hear from Sungyong Kang, an S.J.D. (Ph.D. in Law equivalent) an attorney at law licensed in New York is a Criminal Intelligence Officer at the INTERPOL Financial Crime and Anti-Corruption Centre

It will be held on 19^th September at 2 pm Taipei time.

This free forum for ATMIA members and non-members costs- US$70. To register, click here.

ATMIA’s two-day European and Emerging Markets conference is a perfect opportunity for industry stakeholders to gain exclusive insights into the trends and predictions that will shape the future of this dynamic industry. Delegates will hear from over 23 industry-leading speakers and have access to the exhibit hall showcasing new technologies.

The dates are 8th and 10th October. The venue is the Royal Garden Hotel in London. To learn more, click here.

We wish you all a productive month. Feel free to contact me anytime with questions about your membership or how we can enhance it. I'm always available by phone or email.