Cash is the most reliable, and cheapest, payment system available.
Retailers must continue to accept cash as a payment system because it is surcharge-free and available to everyone in the community. Cash is also “outage” free and relatively immune to problems with bank EFTPOS systems.
There is no evidence linking cash to the transmission of COVID-19.
When bank EFTPOS systems go down, like Commonwealth Bank’s Albert system did on the 5 May 2020, shops can be left without income if consumers don’t have cash, or they can’t accept cash.
“The economy is weaker if shops and consumers are not carrying cash or have ready access to an ATM,” said Tim Wildash, chief executive of Next Payments, Australia’s leading independent ATM
“Cash is safe, surcharge-free and does not have outages,” said Mr Wildash.
“Merchants, consumers and the economy are at greater risk of shutdowns if cash is not readily accepted and available.
Next Payments has issued advice to ATM owners and venue operators about how to ensure their cash machines remain clean and disease free.
“Cash is safe, flexible and private,” said Tim Wildash, “I’m concerned that large card companies and banks are profiting from fear.”
For more comments or interview, contact:
Tim Wildash – 0418 336 599 /firstname.lastname@example.org
Jason Bryce, Journalist – 0428 777 727 / email@example.com