Category Archives: cards

Government review of payments finds cash is critical to economy

It was supposed to be all about new technology like cards, phones, online commerce, crypto and digital currencies but the government’s Payments System Review made a surprising finding. Cash is critical to the economy and must be protected. Yesterday, treasurer Josh Frydenberg released the long-awaited Payments System Review which investigated how Australia’s payment system is run and governed. The review recognises that non-cash

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Cashless Welfare Card hardly reduces alcohol spending at all

The Indue Cashless Debit Card reduced spending on grog by …… $88 per year, per person in one of the trial sites. Data released by the government shows that the Indue Cashless Debit Card scheme hardly reduces alcohol spending at all. Over 5 years to April 2021, the Cashless Debit Card issued by Centrelink in five ‘trial’ communities has reduced

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Carry cash or risk going hungry.

Eftpos, bank and credit union ‘outages’ are leaving people stranded. Consumers and retailers simply cannot rely on eftpos systems to work. Some people are loading up trolleys of food and essentials only to find their cards are not working or shop eftpos systems are ‘down.’ Recent Eftpos system outages have affected: At least 10,000 retailers using Tyro eftpos terminals, leaving

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Supermarkets must accept cash

Supermarkets selling essential food and household goods are not accepting Australian banknotes issued by the Reserve Bank of Australia as payment for goods and services. Some Woolies Metro supermarket outlets in Sydney and Melbourne have attracted a flood of criticism on social media for refusing to accept cash as payment for food and essential items. “It is time for the

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RESERVE BANK REJECTS DIGITAL CURRENCY, SAYS CASH IS SAFE

The Reserve Bank of Australia’s latest Quarterly Bulletin has rejected the idea of issuing a digital currency for Australia. Long held up as the future of the ‘physical’ currency, a digital currency is a verified token or account that could replace actual notes and coins without a bank or a card company involved. It’s real money online, issued by the RBA, worth

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We need ATMs for access to cash

More than seven thousand ATMs have been removed from communities throughout Australia in the last three years. The big banks are reducing their ATM network and branch network footprints and our access to cash along with it. More than two thousand ATMs have disappeared in the last three months according to the Australian Payments Network. 175 bank branches have also

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Reserve Bank FOI docs reveal virus research

Reserve Bank of Australia documents released under Freedom of Information in June 2020 reveal the RBA has been investigating cash and virus transmission since way back in 2003. And it turns out cash poses no significant risk of carrying viruses. A senior researcher told his superior: “banknotes pose minimal risk of transmission of disease.” “die-off of microbial populations is more

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