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Government review of payments makes a surprising finding

Tuesday, September 07, 2021

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Company: ATM Industry Association

This update is from the Australian Pro-Cash Petition on Change.org. Read more here.


The government is hearing our voice at long last!

Yesterday, treasurer Josh Frydenberg released the long-awaited Payments System Review which investigated how Australia's payment system is run and governed.

It was supposed to be all about new technology like cards, phones, online commerce, crypto and digital currencies.

But the review made a surprising finding:

Cash that is critical to our economy and must be protected.

The review found that non-cash payment systems are inherently unreliable, because systems can suffer "technical malfunctions or operational mistakes" [p7]

And it concludes that:

"While the use of cash may continue to fall in use over time relative to other means of payment, it is expected to remain an important method of payment well into the future, not only for vulnerable consumers but as an important ‘backā€‘up’ form of payment not tied to the digital economy.

"Given this, the distribution of cash will also remain a critical system that ensures that there is an adequate supply of cash available across the economy." [p89]

In plain english, the government is saying cash remains the only truly reliable payments system and that ATMs and bank branches need to remain open and operating so cash is available to everyone. And retailers must keep accepting cash.

The government must also be aware of new data that shows six million Australians prefer to use cash.

The YouGov.com Global Banking & Finance Report 2021 shows that 30% of Australian adults prefer cash to other methods of payment.

It seems the government is confirming what we already know:

A cashless economy is weak economy, vulnerable to outages and natural disasters bringing down critical infrastructure.

A cashless Australia excludes millions of people.

We are winning the war on cash, thanks to you and thousands of other Australians who are standing up for our right to choose how we pay for goods and service.

But we need to let government know that we are not going to let cash die and make Australia weaker.

Please share our petition asking the government to ensure our right to use cash for all transactions under $10,000.

Please use this easy link to promote our cause:

https://www.change.org/SayNotoCashlessSociety


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