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Cash needs to be welcome to keep economy strong - Next Payments

Contributor:
Fuseworks Media
Fuseworks Media

Cash needs to be welcome in our shops to keep our economy strong, safe and private. Consumers, families, retailers and the economy are weaker and more susceptible to system failures and criminal hackers if they don’t maintain ready access to cash.

"Like Warren Buffet, Mark Cuban and many other successful investors, I strongly advise everyone to keep cash in their wallet or purse," said Tim Wildash, Chief Executive Officer of leading independent ATM supplier, Next Payments.

Last week, Commonwealth Bank’s computer system failure affecting Netbank, the Commbank app, credit and debit cards and merchant payment systems left millions of Aussies stranded.

"If you don’t have cash in your pocket or a shop doesn’t accept cash, the economy is weaker because cash is the most reliable payment system," said Tim Wildash.

"If retailers don’t carry and accept cash they can lose a day’s takings, cash is safe, reliable, private and has no hidden fees or merchant surcharges.

"I urge all retailers to accept cash and display ‘cash welcome’ signs at their point of sale.

"Cash from an ATM is clean and has been stored for days. Australia and New Zealand have some of the safest, cleanest polymer notes in the world," said Tim Wildash.

95 per cent of Aussies and Kiwis want to retain their right to use cash according to recent market research from Next Payments.

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.

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