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Sandra Smith, Executive Director Asia Pacific
E: [email protected]
T: +61 4 24 300 660
What to expect in July 2024
June saw several important developments in the ATM industry. The breakthrough agreement between LINFOX and Australia’s major banks to secure cash distribution through a $50 million investment in Armaguard by its eight largest customers is an important step in securing the viability of cash transactions in Australia. It is important to note that the deal reached this month is only applicable for the next year, and an additional deal is being negotiated to secure the long-term viability of cash in Australia. As always, ATMIA will continue to monitor these developments closely, ensuring that the industry's interests are clearly articulated.
We will also hear from Federal Independent MP Bob Katter about the Private Members Bill- Keeping Cash Transactions in Australia Bill 2024- in our upcoming Strategic Direction Committee Meeting.
Mr Katter’s Bill aims to safeguard the ability of all people in Australia to have cash accepted as a means of payment.
OUTLINE
The share of in-person transactions made with cash has been declining. This has raised concerns that an increasing number of businesses will refuse to accept cash as a means of payment for transactions. Widespread refusal by businesses to transact in cash would have significant impacts on many people in our communities, including seniors, who rely on cash to make payments. To read the full report- click here
Details of the upcoming Strategic Direction Forum will be forwarded to members only later this month.
Upcoming events-
Let’s continue to work together and mark 2024 as a year of opportunities.
Banzpay is a NZ based organisation focused on providing high quality payments products and services.
We provide business critical and innovative
payment solutions to financial institutions across New Zealand and the Pacific Islands to allow customers access to the products they need to compete effectively in their markets.
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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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