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Celebrate This Cash News Today!

Thursday, March 19, 2020

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Company: ATM Industry Association

Cash Use Has Not Changed in the U.S.

Despite continued pressure from digital payment products, particularly person-to-person (P2P) applications like Zelle and Venmo that are used to pay back other individuals or to send a gift electronically, ATMs remain a fixture in the banking market. On the horizon is the growing threat of contactless cards, predicted to grow rapidly in the next two years, replacing small dollar purchases at the point-of-sale.

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Royal Bank of Scotland releases first polymer £20 note

The note, which features the image of historic Scottish entrepreneur Kate Cranston, is the bank’s first new £20 in 23 years and the first Scottish note of its denomination to feature a woman other than the Queen on its face.

The date for the withdrawal of the paper note has still to be confirmed.

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Kuwait central bank ready to provide cash to banks over coronavirus outbreak

Kuwait’s central bank said on Thursday it was ready to support its financial sector over the coronavirus outbreak, including by providing cash to commercial banks.

Other measures included suspending fees on point of sales devices and ATM withdrawals, increasing the limit for contactless payments to 25 dinars ($81.44) from 10 and providing “financial and moral compensation” to banking sector employees during a public holiday, which was declared until March 26.

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More Cash News

Cash is Still the Preferred Method of Payment

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UK budget to introduce new laws to protect consumer access to cash

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4 Reasons Not to Use Your Debit Card at a Bar

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Cashless ban activity surges in the new year

This month's WCW Pro-Cash Featured article is from the ATMIA Executive Director David Tente.

The latest and biggest news on the cashless front is that the New York City Council passed a bill on January 23, 2020 that makes it the largest city to require retail establishments to accept cash as a form of payment. Although there has been no formal comment from the mayor’s office, he is expected to sign the measure into law. The original proposal to ban cashless retail establishments in New York City was introduced more than a year ago.

Under the bill, businesses that refuse cash face fines of $1,000 for a first violation and $1,500 for each subsequent offense. Businesses with devices that convert cash to cards, like those found in many laundromats, are exempt under certain conditions, including a provision that there be no fee for such cards.

There has also been some early 2020 activity at the state level. Oregon had introduced a bill last year to prohibit cashless retail, but it failed upon adjournment in the final session. A new bill was introduced on January 27. It states that it is unlawful for a place of “public accommodation” to refuse to accept coins and currency from a customer or make any distinction or restriction because a customer is paying with cash. Unfortunately, there are so many exceptions allowed that the law would be virtually toothless.

Vermont introduced its own measure. Violation of the law would be considered an unfair method of competition in commerce and unfair or deceptive act or practice in commerce.

A new bill proposed in California designates a small fine for violators. New Hampshire was the first state this year to introduce a cashless ban on January 8, making it a violation of their consumer protection act. Connecticut reintroduced a bill this week that was originally filed last year.

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Celebrate Positive Cash News with Withdraw Cash Wednesday

Cash globally remains the most widely used and popular form of payment today. ATMIA’s goal with the Withdraw Cash Wednesday initiative is to communicate as an industry the many benefits of cash, while combating the negative press cash has received over the last few years to ensure consumers have cash as a payment choice for years to come. This monthly newsletter is geared towards sharing positive cash news reaching more than 13,000 ATM industry readers per month

View past Pro Cash Newsletters here.

Promote positive spending habits and easily accessible cash for consumers.

Purchase Withdraw Cash Wednesday decals, posters, wraps and more from GetBranded.com here.

Follow Withdraw Cash Wednesday on Twitter and share our posts. You can even share your own personal cash story. Please share Withdraw Cash Wednesday news with customers, friends and family to promote cash usage!

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