Australians are increasingly at risk of being caught by “outages” in bank EFTPOS and Point of Sale card payment terminals as the use of cash declines.
Retailers and small businesses without an ATM on-site are being left without many options when card payment systems fail.
“We are hearing stories of petrol stations and shops that have got through the last few weeks thanks to the cash available from an ATM on-site or nearby’” said Tim Wildash, chief executive of Next
Payments, Australia’s leading independent ATM supplier.
“Without widespread and ready availability of cash, the Australian economy is at increased risk stemming from bank payments system outages,” said Mr Wildash.
“For that increased risk in the economy we all also pay fees that are sometimes up front and sometimes hidden in the price of services and surcharges.”
“If some retailers are discouraging the use of cash as a form of payment, they are exposing themselves potentially to a higher risk of losing sales in the event of problem with card or bank payment systems.”
“Cash has not been linked to any COVID-19 cases.
However, the Australian payments regulator AusPayNet reported last month that the potential for “scams/fraud as online payments increase” needs to be addressed and the Royal Australian Mint
“Scientific evidence suggests that the probability of (virus) transmission via banknotes is low when compared with other frequently-touched objects, such as credit card terminals or PIN pads.”
“Cash is surcharge-free and essential for our economy,” said Tim Wildash.
“Card companies are raking in billions of dollars in fees and charges from cashless payments.
“Fear of COVID-19 should not be used to increase profits while the world fights this invisible enemy.
“Cash is safe, free of hidden fees and needs to be widely accepted by retailers to ensure that all Australians can meaningfully participate in the economy,” said Tim Wildash.
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