Good bye Cashless Society - Cash is King forever, thanks ACCC
Announcement posted by Cash Welcome 13 Jun 2023
Tuesday 13th June 2023:
Today's Australian Competition and Consumer Commission decision to approve (with conditions) the proposed merger of Australia's two big Cash In Transit operators recognises the essential role physical currency plays in the economy and lives of millions of Australians.
The ACCC's major concern in making this decision was the potential for the distribution of cash to be disrupted, harming millions of consumers and businesses.
This is particularly true in regional Australia "where internet access issues can limit electronic payment options and for vulnerable consumers who are reliant on cash payments," said the ACCC.
Last week's RBA ATM cash withdrawal statistics to April 2023 show that the usage of cash in Australia is not in rapid decline.
Each month Australians make around 30 million ATM cash withdrawals and that number has not changed significantly since the end of COVID lockdowns in NSW and Victoria 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 supported by millions of Australians who trust and rely on cash everyday," said Jason Bryce, spokesperson for CashWelcome.org, an industry supported pro-cash campaign.
"Today the ACCC has rejected the idea of the cashless society and locked in the future of physical notes and coins as essential legal tender in Australia for the foreseeable future.
"The industry is now looking forward to a stable future where cash can be distributed nationally, reliably and without threat of disruption.
"Only cash works when power, internet and computer systems fail," said Mr Bryce.
"Only cash is private, reliable and surcharge-free, that's why Australians don't want a completely cashless society, we want choice.
"We all like to tap and go but if people aren't able to freely withdraw cash whenever they want, confidence in digital systems evaporates," said Jason Bryce
For more comments, interview or more information, please contact:
Jason Bryce 0428 777 727 media@cashwelcome.org
Sandra Smith 0424 300 660 sandra.smith@ATMIA.com