Cash is still king – Aussies rush back to cash

Reserve Bank of Australia data shows Australian consumers have rushed back to withdrawing cash after an initial plunge during the first few months of the COVID-19 pandemic.

There were 45 million cash withdrawals from Australian ATMs (worth $10.6 billion) in December 2019. That number fell to 22 million withdrawals worth $6.5 billion in April 2020 then bounced back to 35 million, worth $9.9 billion in July 2020.

“These numbers are particularly encouraging considering Victoria is still in hard lockdown,” said Tim Wildash, CEO of Next Payments, Australia’s biggest independent ATM network.

“Cash is king and will be around forever, Australians have rushed back to cash after some messages from card companies suggesting cash is dirtier than cards, which is not true.

“Australian polymer notes are among the cleanest notes in the world.

“Our ATM cash is stored and sanitised to ensure it is virus free,” said Tim Wildash.

“Cash is cleaner than your average plastic card, there is no evidence of virus transmission through cash.

“The WHO, the RBA, the Mint and state health departments do not recommend against using cash. They recommend good hand hygiene at the point of sale whatever payment system is being used,” said Tim Wildash.

More information at Cash Welcome . ORG

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