Coronavirus fears could kill our great cash economy
WEDNESDAY 22 APRIL 2020
Cash is safer than EFTPOS
Last week (4/4/20) the Royal Australian Mint published a report stating:
“Scientific evidence suggests that the probability of transmission via banknotes is low when compared with other frequently-touched objects, such as credit card terminals or PIN pads.”
Plastic cards (like credit cards and EFTPOS cards) also are more likely to carry viruses than banknotes, said the Mint’s report.
“ATM cash is sanitised with ultra-violet light, disinfectant sprays and stored for 24 – 48 hours to ensure it is free of contamination,” said Tim Wildash, chief executive of Next Payments, Australia’s leading independent ATM supplier.
“By contrast, EFTPOS terminals can be used by hundreds of shoppers per day to make card transactions, to enter their PIN if required and select their account.
“I welcome the Mint’s report confirming cash is safe because our great cash economy is under threat.
“Coronavirus panic must not lead to shops and businesses refusing to accept cash. Cash is safe, flexible, private and does not have regular ‘outages’ like bank EFTPOS systems,” said Tim Wildash.
“There is no evidence of Cash spreading COVID-19, this has been confirmed by the World Health Organization, the RBA and now the Australian Mint.
“I’m concerned that large card companies and banks are profiting through hidden fees, from the public’s fear of Coronavirus.
For more comments or interview, contact:
Tim Wildash – 0418 336 599 / email@example.com
Chief Executive Officer
Jason Bryce, Journalist 0428 777 727