The strategic plan for payments needs to protect cash

Cash is the only reliable payments system

Wednesday 7th June 2023:

The Treasurer's announced Strategic Plan for Australia's Payment System is a welcome and long overdue rethink of how Australia regulates and manages the way Australians make and receive payments.

The cash industry is looking forward to clarifying the role of physical currency in the national payments ecosystem.

Only physical cash is reliable without power and internet connectivity and while new innovative payment systems will continue to be popular, physical cash underpins the confidence Australians have in cashless payment systems and digital deposits.

Despite reductions in bank branches and bank-owned ATMs, there is no clear trend away from the use of cash.

Today, (7th June 2023) the RBA released ATM cash withdrawal data to April 2023 showing the number of cash withdrawals continues to be around the 30 million per month level where it has been since major lockdowns ended in early 2022.

A big petition asking for a guaranteed right to use and access cash and banking services has collected over 117,000 signatures and growing.

Cash is the single most popular way to pay in retail locations (over 60%), followed by debit cards, credit cards and mobile phones, according to this survey of over 7,000 Australians aged over 18.

More than 99 per cent of Australians support a legal right to choose cash to pay for food and essentials and are concerned about the possibility of a cashless society.

"Cash is essential national economic infrastructure that must be available for all Australians to use," said Sandra Smith, Executive Director of the Automatic Teller Machine Industry Association (ATMIA).

"Cash must be widely accepted in order to support a viable and flourishing cash distribution industry," said Ms Smith.

"I encourage all Australians to add their name to the petition in order ensure how access and use cash."

Jason Bryce, who started the petition, said Australians want to be able to choose cash to buy food and essential goods.

"Australians don't want a completely cashless society, we want choice. Millions of Australians trust and rely on cash every day and everyone needs cash at least occasionally.

"We all like to tap and go but if people can't withdraw cash whenever they want, the confidence in digital systems evaporates," said Jason Bryce

For more comments, interview or more information, please contact:

Sandra Smith 0424 300 660 [email protected]

or 

Jason Bryce 0428 777 727 [email protected]