Fight Against Cashless Economy: - April 21, 2024

Fight Against Cashless Economy:

Sunday, April 21, 2024

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by Sandra Smith

This month began with an important reminder of the ongoing relevance of cash: Cash Day Tuesday on 2 April 2024. This day has been promoted in the media and social media to encourage people to withdraw cash and support small businesses by making cash payments, and deployers have reported an increase in the number of cash withdrawals on the day. Apart from being a valuable reminder of the role of cash in the payment system in providing a secure, reliable and private means of making payments, it is also a powerful way to support small businesses struggling in an environment where mounting fees associated with cashless payment methods are lowering their profit margins. Given the ongoing debate surrounding the role of cash, this message must be repeated every day of the year as we continue in the fight against calls for a cashless society.

This message has also been reinforced in a recent study conducted by Payments Company Waave into the push to a cashless payment system, which has highlighted that 71% of Australians are concerned about going completely cashless. Notably, the study also indicated that 41 per cent of Australians have expressed being “extremely concerned” about going cashless. In addition to this, the study also identified that the top three concerns of Australians relating to the move to cashless payments include that it will exclude people and exacerbate economic inequality, it will result in higher fees, and they will miss the opportunity to make payments in physical currency. The underlying message is clear: Australians do not want to move to a cashless economy. They want payment choice and the ability to make payments in cash wherever and whenever they want.

Members are reminded that our Strategic Direction teleconference will be held on 30th April at 4 pm in Sydney time. Given our industry's numerous opportunities and challenges, this forum provides industry participants a platform to share ideas and collaborate. This month, we will hear from Chris Grice, CEO of National Seniors Australia, who will share information on the success of their advocacy to the government in ensuring Australians continue to have payment choices. We will also receive insight from the AFP into dismantling the alleged international criminal syndicate.  

ATMIA has served the industry for over two decades and will continue to provide our members with relevant information for now and well into the future.

On behalf of all of us at ATMIA, we thank you for your ongoing support.

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