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Sandra Smith, Executive Director Asia Pacific
E: [email protected]
T: +61 4 24 300 660
What to expect in April 2024
This month began with an essential reminder of the ongoing relevance of cash: Cash Day Tuesday on 2 April 2024. This day has been promoted in the media and social media to encourage people to withdraw cash and support small businesses by making cash payments. Apart from being a valuable reminder of the role of cash in the payment system in providing a secure, reliable and private means of making payments, it is also a powerful way to support small businesses struggling in an environment where mounting fees associated with cashless payment methods are lowering their profit margins. Given the ongoing debate surrounding the role of cash, this message must be repeated every day of the year as we continue in the fight against calls for a cashless society.
I want to bring to your attention some upcoming events in this region for you to consider:
Let’s continue to work together and mark 2024 as a year of opportunities.
Congratulations to Bank South Pacific for being selected as the April Member of the Month for the Asia Pacific Region. BSP has been a loyal Associate member of ATMIA for 8 years.
We have knowledge, history, experience and a commitment to the region that other financial institutes cannot offer. At BSP, we're proud of our whole of bank capabilities whereby our teams in Corporate, Retail, Paramount and Treasury.
BSP has the largest branch network in Papua New Guinea, Cook Islands, Fiji, Solomon Islands, Samoa, Tonga and Vanuatu with branches and sub branches in cities and towns in these countries and also in remote rural locations. Our branch network is complemented by electronic banking networks. This capability is unmatched by our competitors.
Check out their website for additional information and services offered.
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Updates from the RBA in 2023
Updates Next Generation Banknotes in 2022
Updates Next Generation Banknotes in 2020 / 2021
Updates Next Generation Banknotes in 2019
Important dates:
The Reserve Bank of Australia: Next Generation Banknotes
Asia Pacific Industry Position Paper: Calling for a mandate on cash transaction below $10,000- (effective July 2020)
Position
Some retailers have gone cashless, which denies members of the public the freedom to choose how they wish to pay for goods and services. Cash, as public money, is guaranteed as legal tender and yet cannot be used at these cashless retail outlets. In addition to being public money, cash is a back-up when systems fail or malfunction. With the recent introduction of a $10,000
limit on cash transactions in Australia, it is essential to secure the role of cash as a payment option for transactions below this amount. The ATM Industry Association proposes a mandate for cash as a payment option for in-person transactions below $10,000. To read the full paper click here.
ATMIA in conjunction with Cash Welcome continues our fight against a cashless society to ensure cash remains part of the Australian payment system.
Following months of building a board base support for the cash mandate, to protect the option to use cash at retail establishments, a petition is now open to members of the public to sign. This represents a new phase in the campaign to have cash-secured as a payment option for all citizens. ATMIA will continue to advocate strongly for a cash payment option in order to guarantee long-term security, stability and accessibility of the Australian payment system to all.
To sign the Cash Welcome.org petition click here
ATMIA will continue to reach out to numerous associations and organisations outside the ATM Industry to gain their support for a ban on cashless retail outlets, in order to keep payment choice alive.
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