System Outage Highlights Importance of Cash Payment Option

The last month has once again demonstrated the importance of cash in the payment system. A mass outage of software by ANZ, resulting in customers being unable to access their accounts and Woolworths being unable to process EFTPOS transactions, underscores the risks of unchecked calls for a cashless society.

Despite these issues, there have also been reports in the media that some KFC franchises have moved to only accepting cashless payments. ATMIA has moved quickly to contact KFC and the relevant franchisees that have moved to cashless payments to bring to their attention the significant problems associated with going cashless. Central to our argument are the key strengths of cash:

1. Cash always works, irrespective of technology or power availability.
2. Cash is an effective household budgeting tool.
3. Cash transactions are easy and quick, with an immediate settlement.
4. Cash is legal tender and carries a public guarantee.
5. Cash in hand is fee-free to use as a payment.
6. Cash is the most inclusive payment method.
7. Cash gives confidence to the vulnerable at the point of sale.

To read the full document, click here. Members only.

ATMIA remains committed to pushing back against unfounded calls for a cashless society, which will exclude some of the most vulnerable members of society and make our payment system less secure and unreliable.

We are currently planning our final Strategic Direction forum for 2023, and we will inform our members of the exact date soon. We welcome members to suggest topics to be included in the agenda; please submit your suggestions to [email protected] by the end of October.

As always, ATMIA remains committed to our members and welcomes your feedback on ways we can better service your membership. Contact any ATMIA team member or myself anytime; we’re here to service our members.

Having a unified voice in the industry is crucial. Let’s continue to be stronger together.