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Sandra Smith, Executive Director Asia Pacific
E: [email protected]
T: +61 4 24 300 660
What to expect in May 2024
We are continuing to see signs of a strong cash recovery. In particular, consumers are increasingly 2pushing back against hidden fees and surcharges associated with cashless payment methods. The RBA’s Consumer Payments Survey found consumers paid a surcharge on 7 per cent of transactions in 2022, up from 4 per cent in 2019.
In 2022, the median surcharge per transaction was 50¢. With this backdrop, the Sydney Morning Herald recently interviewed Steve Worthington, a financial services commentator and professor at Swinburne University. In this interview, Worthington said there were signs that consumers may be fed up with surcharges, pointing to an increase in the amount of money being withdrawn from ATMs in the RBA’s February figures, stating: “This could be for a whole variety of reasons, but I would contend that we all got used to using cards during the pandemic, and we didn’t pay attention to what the transaction value was, we just tapped and went. Now I think people are taking notice of that extra fee”.
ATMIA is committed to spearheading this recovery. We are continuing to work with stakeholders
Upcoming events-
Let’s continue to work together and mark 2024 as a year of opportunities.
Seven Bank provides a unique financial service that is close, convenient, reliable, and safe. Our domestic network of 27,000 ATMs can be found at Seven & i Group stores, including 7-Eleven, as well as shopping centers, tourist destinations, airports, and stations, to meet the diverse needs of our many customers. We make use of DX to provide unique financial services. For individual customers, we offer convenient account services that support their daily lives. For corporate customers, we offer secure and convenient services that take advantage of Seven Bank’s strengths, including ATMs. At the same time, we are leveraging our ATM operating know-how to expand ATM services in the United States, Indonesia, and the Philippines.
Visit their website for more information on their services. Congratulations Seven Bank for being selected as the Asia/Asia Pacific region Member of the Month.
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Updates from the RBA in 2023
Updates Next Generation Banknotes in 2022
Updates Next Generation Banknotes in 2020 / 2021
Updates Next Generation Banknotes in 2019
Important dates:
The Reserve Bank of Australia: Next Generation Banknotes
Asia Pacific Industry Position Paper: Calling for a mandate on cash transaction below $10,000- (effective July 2020)
Position
Some retailers have gone cashless, which denies members of the public the freedom to choose how they wish to pay for goods and services. Cash, as public money, is guaranteed as legal tender and yet cannot be used at these cashless retail outlets. In addition to being public money, cash is a back-up when systems fail or malfunction. With the recent introduction of a $10,000
limit on cash transactions in Australia, it is essential to secure the role of cash as a payment option for transactions below this amount. The ATM Industry Association proposes a mandate for cash as a payment option for in-person transactions below $10,000. To read the full paper click here.
ATMIA in conjunction with Cash Welcome continues our fight against a cashless society to ensure cash remains part of the Australian payment system.
Following months of building a board base support for the cash mandate, to protect the option to use cash at retail establishments, a petition is now open to members of the public to sign. This represents a new phase in the campaign to have cash-secured as a payment option for all citizens. ATMIA will continue to advocate strongly for a cash payment option in order to guarantee long-term security, stability and accessibility of the Australian payment system to all.
To sign the Cash Welcome.org petition click here
ATMIA will continue to reach out to numerous associations and organisations outside the ATM Industry to gain their support for a ban on cashless retail outlets, in order to keep payment choice alive.
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