Six million Australians rely on cash reports RBA

The Reserve Bank of Australia’s Consumer Payments Survey for 2019 has identified six million Australians who rely on cash. The RBA found that:

“Around one-quarter of consumers would face major inconvenience or genuine hardship if they could no longer use cash …”

These “high cash users” include older Australians, people with low incomes, people living in rural areas and those with low access to the internet, reported the RBA.
“Millions of Australians rely on cash,” said Tim Wildash, Chief Executive Officer of leading independent  ATM supplier, Next Payments.
“The elderly and the poor are being left behind in the rush to cashless payments.

“Retailers that refuse to accept cash are effectively excluding many customers from their business.

“95 per cent of Aussies and Kiwis want to retain their right to use cash and more than two thirds are deterred from using shops that refuse cash,” said Tim Wildash.

“Cash is safe, reliable, private and has no hidden fees or merchant surcharges.

“Many Aussies trust cash and are being left behind as banks and card companies peddle fear to pump up their profits,” said Mr Wildash.

Other Reserve Bank of Australia documents released under Freedom of Information on the 3 June 2020 show the RBA has investigated the issue of virus transmission and currency and concluded cash poses no significant risk of carrying viruses.
Debit and credit cards may carry many more germs than bank notes and coins according to recent American research. The Royal Australian Mint says there is no evidence linking cash to the transmission of COVID-19. Cash is sanitised before being delivered by cash companies to venues and ATM operators.
For more comments, interview or information:
Tim Wildash – +61 418 336 599 / twildash@nextpayments.com.au
New Zealand: Craig Whale +64 21 440 683 / cwhale@nextpayments.co.nz
Jason Bryce, Journalist – +61 428 777 727 / media@nextpayments.com.au