Category Archives: cash

RBA data doesn’t support Cashless Australia predictions

USA based FIS issued a report predicting Australia would be largely cashless by 2024. FIS specialise in merchant payment solutions and supporting and securing cashless transactions. The FIS findings are not supported by real world data or readily available market information, for example: Last month, the Reserve Bank of Australia reported that, while cash’s share of payments has fallen, cash

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The Death of Cash has been greatly exaggerated

The Morrison government’s ‘cash ban’ on transactions over $10,000 is dead. And so is the general view from much of the media commentariat that cash’s days are numbered. Below is an interview with Martin North from Digital Finance Analytics on the importance of cash. Protecting cash is not about protecting the black market. Criminals have moved online already and banks

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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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CASH WELCOME SIGN FOR YOUR POS

Small business, retailers, hospitality and service businesses routinely complain of high bank merchant fees and charges. Terminal rental, contactless readers, Mastercard and Visa scheme fees, other bank fees all combine to make accepting card and contactless payments an expensive proposition for small business. This sign below has been popular with retailers and businesses. please download the sign and display near

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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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EXPERTS LINE UP TO SLAM CSIRO COVID CASH LINK

Widely reported research published this week in Virology Journal by the CSIRO and the Australian Centre for Disease Preparedness (ADCP) in Geelong found that COVID-19 can survive for significant periods on non-porous surfaces. The experiment was conducted in a dark area, with artificial mediums using high loads of virus. Professor of Infectious Diseases, Peter Collignon from the Australian National University

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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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RBA must protect our right to use cash

The Reserve Bank of Australia recognised the essential role of cash in the economy in last week’s Payment System Board update: The PSB noted “the importance of the community continuing to have good access to cash withdrawal and deposit services, even as the overall use of cash for transactions declines.” However, unlike the RBNZ, the RBA does not propose concrete

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Cashless society – embrace it or fear it?

There has been a surge in cashless payments during the COVID-19 pandemic, igniting expectations, and fears, that Australia could become a completely cashless economy. More than two thousand ATMs and hundreds of bank branches throughout Australia have been removed already in 2020. Plenty of Aussies are not embracing the idea of a cashless economy according to a big new study

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