October 2020

Why Cash is Still King During COVID-19

There is a lot of uncertainty in our personal and professional lives due to the COVID-19 pandemic, but one thing still rings true: The practice of using cash to handle transactions isn’t going anywhere. While social distancing changed spending patterns and how we go about doing business, consumers still are relying on paper currency to handle payments, nearly as much as they were before the pandemic swept the globe.

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ATM Industry Association praises ongoing availability of cash

ATMIA has moved to allay concerns that cash may spread COVID-19.

Concerns about cash have circulated since a widely shared media article in March claimed the World Health Organisation (WHO) had advised bank notes may be spreading the virus.

The WHO went on to say it had been misrepresented and was only suggesting people practice hand hygiene after handling cash and other surfaces.

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Cash still pays to cover household bills, pre-pandemic study finds

Bill payers are still invested in cash, with cash office payments taking preference over options such as PayPoint, Post Office, and Payzone according to pre-pandemic figures released by payment specialist allpay.

The survey outlined an ongoing decline in direct debit uptake and a continuing need for cash across the market.

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ATMIA Issues Word of Caution on Media Reporting of a New Scientific Study on Coronavirus Survival Rates on Surfaces.
This month's WCW Pro-Cash Newsletter featured article is from ATMIA.

The ATM Industry Association (ATMIA) called out sensationalist media headlines reporting on a new scientific study by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Australian Centre for Disease Preparedness about how long the new coronavirus can survive on a variety of surfaces.

“The deliberate use of fear-mongering hyperbole in headlines like ‘Coronavirus May Stay for Weeks on Banknotes and Touchscreens’, such as has appeared in Bloomberg news, does a disservice to the CSIRO scientists trying to better understand how long the virus persists on surfaces,” commented Mike Lee, CEO of ATMIA, President of the ATM Security Association and Chairperson of the Consortium for Next Gen ATMs.

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More Cash News

Booming digital economy must still make space for cash, particularly for Asia’s unbanked masses

There are large ramifications of going completely cashless. Many consumers in underbanked regions rely on cash in their daily lives. Removing cash completely could disenfranchise more than half of Southeast Asia’s population; at least seven out of 10 adults are underbanked or unbanked – they have no access to credit cards or basic banking facilities.

The reliance on cash is not unique to Southeast Asia. Across Latin America, 38 per cent of shoppers are unbanked, and nearly one in five online transactions are completed with cash, as with Boleto in Brazil.

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UK Government outlines approach to protect future of cash

To ensure no one is left behind by the transition to digital payments, the government announced at the March 2020 Budget that it would legislate to protect access to cash and ensure that the UK’s cash infrastructure is sustainable in the long-term.

Today it is seeking views on its approach to this legislation from consumer organisations, businesses, financial institutions, providers of ATM and payment services and others through a call for evidence.

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Two Leading Industry Leading Organizations Issue Joint Bulletin on Threat of ATM Cash-Out

The PCI Security Standards Council and the ATM Industry Association (ATIMA) issued a joint bulletin to highlight an increasing threat that requires urgent awareness and attention. The full bulletin can be viewed here.

“The bulletin we are jointly issuing today should be an alarm to those who could be impacted by these types of attacks and should serve as a guide to enhance awareness of and defense against these techniques. No one in our industry should assume they are immune from these attacks.”

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Celebrate Cash News with Withdraw Cash Wednesday

Cash globally remains the most widely used and popular form of payment today. ATMIA’s goal with the Withdraw Cash Wednesday initiative is to communicate as an industry the many benefits of cash, while combating the negative press cash has received over the last few years to ensure consumers have cash as a payment choice for years to come. This monthly newsletter is geared towards sharing positive cash news reaching more than 13,000 ATM industry readers per month.

Don't miss our recent newsletters:

April 2020 - Sponsored by KICTeam
May 2020 - Sponsored by Cashway Fintech Co., Ltd
June 2020 - Sponsored by Promarc.
July 2020 - Sponsored by ATMIA, Cash is Safe
August 2020 - Sponsored by ATMIA
September 2020 - Sponsored by ATMIA

View all past Pro Cash Newsletters here.

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Promote positive spending habits and easily accessible cash for consumers

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If you're interested in sponsoring the WCW Pro-Cash Monthly Newsletter and reaching over 13,000 emails, please contact Claire Feterl by email or at 605.274.0277.

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