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Thankful For Cash

Wednesday, November 25, 2020

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Company: ATM Industry Association

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November 2020

Genmega's UV-C light device that can kill bacteria, viruses on ATM keypads

Automated Teller Machines have been around for more than fifty years and are used by many everyday. And ATM manufacturer, Genmega, created a device using Ultraviolet light to clean dirty keypads that contain bacteria and viruses. It could potentially be helpful amid the novel coronavirus pandemic especially since it's the flu and holiday shopping season.

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Coronavirus transmission risk from cash is low

The rush to abandon cash during the pandemic may be unnecessary, according to a scientific study from the Bank of England, which finds that the risk of Covid-19 transmission by banknotes is low.

As the virus hit earlier this year, ATM cash withdrawals in the UK plummeted, with Link reporting a 60% fall in terms of volume and value in late March compared to the same period in 2019.

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Cash Is Vital In A Digital World

There are many reasons why cash remains a vital part of our payments landscape, as it has many inherent advantages as a method of payment. Its ease of use and universal acceptance continue to make it a preferred payment method for small transactions in all demographics – again, per the Fed, 47% of payments under $10 are cash.

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The Future of Cash in the 20s and Beyond
This month's WCW Pro-Cash Newsletter featured article is from ATMIA.

While the covid-19 pandemic impacted cash withdrawals at ATMs and pushed up digital payments, millions of citizens around the world turned to cash as a store of value in the crisis, and levels of cash withdrawals soon bounced back.

2020 also saw the launch of the online self-certification system for the API App model for Next Gen ATMs, which will integrate ATMs into the mobile-digital world, with the mobile phone replacing the plastic card for ATM transactions. Next Gen ATMs include a standard cash in/cash out functionality, with coin support, which will enable pre-staged ATM app cash transactions to be carried out in under 10 seconds, creating fast Next Gen cash. In addition, there will be cryptocurrency-to-cash or cash-to-cryptocurrency functionality, blending the digital and hard cash to illustrate, once again, the “phygital” character of ATMs.

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More Cash News

Cash in a Pandemic: Brink’s CEO Doug Pertz on the Strength and Importance of Cash

Many people are asking me how I think the COVID-19 pandemic is going to change the cash payments landscape – and what it means for Brink’s. Their questions are understandable, given the unprecedented times we are in and the amount of conflicting information about the pandemic’s effect on cash usage.

I want to present the facts about cash usage in our world today. While business closures mandated by the government are accelerating changes in how we shop and pay for goods and services, cash continues to play a critical role in our society.

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NYC wants national plan to require all businesses to accept cash

Cash or credit? For many New Yorkers, including those without access to a bank account, cash is the only option. While a new law will soon require local businesses to accept cold hard cash, advocates are calling on federal lawmakers to put their money where their mouth is, too.

Erica Ford, CEO of Life Camp Inc., is calling on the city’s congressional delegation to push through a law requiring that cashless businesses accept paper money.

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Cash in hand: Consumers' post-pandemic view of cash

No one today questions that e-commerce has made strides as stores have closed and consumers are anxious to avoid interacting with store personnel.

However, data from the Federal Reserve indicates consumers have a lot of cash on their hands as a result of the pandemic. And what they plan to do with it is more than a million-dollar question.

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Celebrate 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.

Don't miss our recent newsletters:

April 2020 - Sponsored by KICTeam
May 2020 - Sponsored by Cashway Fintech Co., Ltd
June 2020 - Sponsored by Promarc.
July 2020 - Sponsored by ATMIA, Cash is Safe
August 2020 - Sponsored by ATMIA
September 2020 - Sponsored by ATMIA
October 2020 - Sponsored by ATMIA

View all past Pro Cash Newsletters 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!

Promote positive spending habits and easily accessible cash for consumers

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

If you're interested in sponsoring the WCW Pro-Cash Monthly Newsletter and reaching over 13,000 emails, please contact Claire Feterl by email or at 605.274.0277.

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