Payment system ‘outages’ kill cashless economy myth

Osko, CBA failures just the latest to leave customers stranded.

Today, reported problems with ‘Osko’ payments between banks facilitated by the New Payments Platform are leaving bank customers stranded and angry.

Customers of all banks have reported the failure of the “Osko” real time transfer system to their banks overnight on the 27 April and the morning of 28 April 2021.

This follows a widespread ‘outage’ on Monday that affected thousands of Commonwealth Bank customers.

These incidents are just the latest in an ongoing failure by electronic and online payment systems that highlight the essential role cash continues to play in supporting the economy, merchants and consumers.

“Without ready access to cash and cash payments, the entire economy is vulnerable to catastrophic failure, leaving people without essential goods and services,” said Jason Bryce, spokesperson for the Cash Welcome campaign.

Recent serious payment system outages include:

“Cash is the most reliable way to pay. I always have cash and never rely on a card or my phone to work for me to make payments,” said Jason Bryce.

Osko, CBA failures just the latest to leave customers stranded.

Today, reported problems with ‘Osko’ payments between banks facilitated by the New Payments Platform are leaving bank customers stranded and angry.

Customers of all banks have reported the failure of the “Osko” real time transfer system to their banks overnight on the 27 April and the morning of 28 April 2021.

This follows a widespread ‘outage’ on Monday that affected thousands of Commonwealth Bank customers.

These incidents are just the latest in an ongoing failure by electronic and online payment systems that highlight the essential role cash continues to play in supporting the economy, merchants and consumers.

“Like millions of Australians, I know cash makes budgeting easier and is always available for me to use.

“More than 10,000 Aussies have signed my petition calling for government to legislate to ensure our right to access and use cash.

“New Zealand, Japan, the USA, Europe have all oved to protect their citizen’s right to access and use cash. It’s time for Australia to protect cash,” said Mr Bryce.

“Without cash in our pockets or without supermarkets and retailers that accept cash, consumers can be left without food and essentials.”

For more comments or information: Jason Bryce, Financial Journalist – media@cashwelcome.org

CashWelcome.org

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