Is Cash Your Backup Plan? Navigating Outages and Payment Choices

Last month, we all encountered a global outage caused by a faulty CrowdStrike update for Microsoft systems. This global outage once again highlighted the reliance society has on digital payments. While the exact costs of the outage remain unclear, most conservative estimates of the outage put the figure somewhere in the billions of dollars. Of note, international media gave particular attention to the issues faced in Australia, with Wired Magazine writing that the CrowdSrike update “quickly caused chaos in Australia, whose government has explicitly encouraged businesses to go cashless. Pictures posted on social media showed card-only self-checkout registers at the grocery chain Coles displaying blue screens of death. Queues for human-run registers at Australian groceries stretched to the back of the store, according to local media. Some Australian marts simply locked their doors.”

ATMIA encourages everyone to review their payment options and ensure they have contingency plans in place. Whether it's ensuring access to physical cash or exploring diverse digital payment platforms, being prepared is crucial to avoiding loss. 

Unlike digital payments, cash provides:

• Immediate payment
• Universal recognised
• Accessible to everyone

Our upcoming Strategic Direction Committee teleconference will be held on 21st August at 4 pm AEST. We have the pleasure of hearing from Federal Independent MP Bob Katter about the Private Members Bill—Keeping Cash Transactions in Australia Bill 2024. Mr Katter’s Bill aims to safeguard the ability of all Australians to have cash accepted as a means of payment.  The share of in-person transactions made with cash has been declining. This has raised concerns that an increasing number of businesses will refuse to accept cash as a means of payment for transactions. Widespread refusal by businesses to transact in cash would significantly impact many people in our communities, including seniors, who rely on cash to make payments. 

Details of the upcoming Strategic Direction Forum have been forwarded to our members; however, let me know if you want me to resend.

In Japan, the ongoing importance of cash has been shown with the Bank of Japan’s release of 1.6 trillion yen worth of 3D hologram banknotes in 1000, 5000, and 10,000 yen denominations. This is the first renewal of Japan’s currency in over 20 years and is a strong vote of confidence in the future of cash. To read more click here.

Finally, industry stakeholders are reminded of our upcoming industry events in the UK and USA. Both events will provide valuable learning experiences and exciting network opportunities.

• Europe and Emerging Markets:  Advocating for Cash ATM Security & Payment Choice
  • Venue: Royal Garden Hotel, London
  • When: 8^th-10^th October 2024
  • Register click here
• USA Event: “A New Era of AI => ATM Intelligence”
  • Venue: Rosen Shingle Creek – Orlando, FL
  • When: 5th-7th February 2025
  • Register click here

Visit the ATMIA website for further details of these first-class industry events. 

With over 25 years as a leading Global ATM Industry Association, ATMIA remains committed to serving our members. Feel free to contact us with any questions or concerns. We strive to provide exceptional service to our members.

Cheers,
Sandra