Digital Finance Analytics (DFA) Blog
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This is an edited version of a live discussion with Robbie Barwick from the Australian Citizens Party, as we explore the current status of the war on cash, regional banking, post offices, and the need to revolutionize the financial system for ordinary people.
http://www.martinnorth.com/
A new report from the Finance Industry Peak Body, UK Finance, which represents more than 300 firms in the UK, reveals that cash remained the second most popular payment method, after debit cards – with an estimated three million people still relying on it. Their research suggests 1.5 million mainly used cash in 2023, up from 900,000 the previous year.
This was it appears an unexpected jump in the number of people who mainly use notes and coins for their daily spending, despite all the propaganda that the UK moving closer to becoming a cashless society. A UK Finance spokesperson said it would monitor the situation regarding people who mainly used cash to see if this was the start of a trend or merely a “statistical blip”. We think it’s more than that.
As I highlighted in a recent post the chaos caused by the global IT outage last week underlines the risk of moving towards a cashless society. Even if the data forecasts that cash will represent only 6% of payments in a decade’s time, it’s critical if other systems go down, as we saw with the outage last week” UK Finance said. This is as close to the Swedish message of make sue you keep cash on hand in case of emergencies as it gets, without saying it!
In Australia, as I reported recently there was also a rise in cash usage, despite the banks best worst efforts, and the recommendation from the recent Senate Inquiry into Regional Branch closures also recommend making access to cash an essential service.
Its simple really people, keep using cash, and we retain a backup in case of emergency. We also know people using cash regularly has a better handle on their finances, teaches kids the real value of money, and acts as an antidote to tap tap credit based society, where banks make a dollar from every transaction, which costs us all. While the war on cash is far from over, use it, or lose it. Its that simple!
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
A new report from the Finance Industry Peak Body, UK Finance, which represents more than 300 firms in the UK, reveals that cash remained the second most popular payment method, after debit cards – with an estimated three million people still relying on it. Their research suggests 1.5 million mainly used cash in 2023, up from 900,000 the previous year.
This was it appears an unexpected jump in the number of people who mainly use notes and coins for their daily spending, despite all the propaganda that the UK moving closer to becoming a cashless society. A UK Finance spokesperson said it would monitor the situation regarding people who mainly used cash to see if this was the start of a trend or merely a “statistical blip”. We think it’s more than that.
As I highlighted in a recent post the chaos caused by the global IT outage last week underlines the risk of moving towards a cashless society. Even if the data forecasts that cash will represent only 6% of payments in a decade’s time, it’s critical if other systems go down, as we saw with the outage last week” UK Finance said. This is as close to the Swedish message of make sue you keep cash on hand in case of emergencies as it gets, without saying it!
In Australia, as I reported recently there was also a rise in cash usage, despite the banks best worst efforts, and the recommendation from the recent Senate Inquiry into Regional Branch closures also recommend making access to cash an essential service.
Its simple really people, keep using cash, and we retain a backup in case of emergency. We also know people using cash regularly has a better handle on their finances, teaches kids the real value of money, and acts as an antidote to tap tap credit based society, where banks make a dollar from every transaction, which costs us all. While the war on cash is far from over, use it, or lose it. Its that simple!
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
Well, last week we got a glimpse of the vulnerability of global IT systems, including payment systems, the latest and perhaps most significant of a chapter of accidents, ranging from banks systems going down, through to disruption from floods and fire, when only physical payments in cash were accepted. US cyber-security firm CrowdStrike said it was responsible for the mayhem, which started on Friday after sending a ‘defective’ update to machines running Microsoft apps. Microsoft has suggested customers try rebooting their computers 15 times to resolve the issue.
The IT outage prompted federal politician Bob Katter to demand cash remains in circulation amid the “danger” of relying on digital technology. “This a wake-up call that the risk associated with a cashless society is too high for us to pay,” Mr Katter said.
According to a recent online survey, titled Cashless Future 2024’ while fewer payments may be made in cash these days, Australians are still expressing serious concerns about heading towards a cashless society. Seven in 10 say they’ve concerned, while two in five Aussies are extremely concerned about notes and coins becoming relics.
Significantly, even people who don’t use cash can be concerned about moving towards a cashless society for reasons including privacy concerns, security risks and dependency on technology. This includes concerns about their transaction data being tracked and analysed by corporations or government agencies, and digital payment systems can sometimes be vulnerable to technology outage, hacking or fraud. A recent report said: “Concerns about technological glitches, network outages, or power failures could lead to worries about being unable to make payments in the absence of cash.”
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
Well, last week we got a glimpse of the vulnerability of global IT systems, including payment systems, the latest and perhaps most significant of a chapter of accidents, ranging from banks systems going down, through to disruption from floods and fire, when only physical payments in cash were accepted. US cyber-security firm CrowdStrike said it was responsible for the mayhem, which started on Friday after sending a ‘defective’ update to machines running Microsoft apps. Microsoft has suggested customers try rebooting their computers 15 times to resolve the issue.
The IT outage prompted federal politician Bob Katter to demand cash remains in circulation amid the “danger” of relying on digital technology. “This a wake-up call that the risk associated with a cashless society is too high for us to pay,” Mr Katter said.
According to a recent online survey, titled Cashless Future 2024’ while fewer payments may be made in cash these days, Australians are still expressing serious concerns about heading towards a cashless society. Seven in 10 say they’ve concerned, while two in five Aussies are extremely concerned about notes and coins becoming relics.
Significantly, even people who don’t use cash can be concerned about moving towards a cashless society for reasons including privacy concerns, security risks and dependency on technology. This includes concerns about their transaction data being tracked and analysed by corporations or government agencies, and digital payment systems can sometimes be vulnerable to technology outage, hacking or fraud. A recent report said: “Concerns about technological glitches, network outages, or power failures could lead to worries about being unable to make payments in the absence of cash.”
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
Contrary to the bankers claiming digital payments are replacing cash, yet more evidence is showing that use of cash is on the RISE! We look at data from New Zealand based on a recent survey as the Reserve Bank there announces pilots to make access to cash easier.
The trend of rising cash use was in fact confirmed recently by the RBA too, though their surveys are just not up to the New Zealand standard, and of course using cash more is also rising in the UK.
Not only is the ongoing use of cash a human right, a protection of freedom, and cheaper than other payment means, but it is also proving to assist households with their budgetting. Do not believe the bankers’ BS…
RBNZ Short: Why Access To Cash Is Essential For Social Cohesion Short: https://youtube.com/shorts/d32BqMmfwUc
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
An important discussion about the future of cash across Australia with Robbie Barwick from The Australian Citizens Party.
The CEO of CBA Matt Comyn floated the idea of limiting cash transactions to $500, so we pull this apart in the context of the Use Cash campaign which ran successfully on the 2nd April.
See my earlier show for detail of that campaign, and the Senate interrogation of the RBA which we also discuss. The Fight For Cash Just Got Terminally Serious! https://youtu.be/LiNSH7I_8xs
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
An important discussion about the future of cash across Australia with Robbie Barwick from The Australian Citizens Party.
The CEO of CBA Matt Comyn floated the idea of limiting cash transactions to $500, so we pull this apart in the context of the Use Cash campaign which ran successfully on the 2nd April.
See my earlier show for detail of that campaign, and the Senate interrogation of the RBA which we also discuss. The Fight For Cash Just Got Terminally Serious! https://youtu.be/LiNSH7I_8xs
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
Despite cash being legal tender in Australia, surprisingly it is legal for businesses to refuse to accept it provided that they inform consumers of their stance before any “contract” for the supply of goods or services is entered into.
The war on cash has taken an interesting turn, with the RBA being questioned by the Senate Inquiry into Regional Bank Branch closures, and claiming the use of cash had fallen, but frankly on thin and filtered evidence; while Armaguard, Australia’s only cash-in-transit business is facing the prospect of collapsing due to the claimed declining use of cash. The RBA, which regulates the payments industry and is responsible for printing money is also involved in the crisis talks.
And a social media campaign, led by the Cash is King Facebook group is calling on Aussies to withdraw and use cash next Tuesday, April 2, in protest against the shift to digital payments. The protest is aimed at showing Australia’s banks and retailers that there is still a demand for the use of cash in society. That is, if you can still find an ATM.
So, action on Tuesday to grab some cash could be an important step on the road to saving cash for All Australians who want to use it, despite pressure from the Government who is responding to huge pressure from the commercial banks. This in turn puts massive pressure on the current Senate review, who is scheduled to hold one more community hearing on Bribie Island on the 16th April. Will the committee who has laid bare the issues of branch closures and removal of cash come good or hook their final report like the earlier Royal Commission Inquiry into Financial Services, which exposed major issues through their hearings, only to turn to water in their final report and recommendations, which allowed the banks to behave business as usual. This time all eyes will be on the Senate.
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
Despite cash being legal tender in Australia, surprisingly it is legal for businesses to refuse to accept it provided that they inform consumers of their stance before any “contract” for the supply of goods or services is entered into.
The war on cash has taken an interesting turn, with the RBA being questioned by the Senate Inquiry into Regional Bank Branch closures, and claiming the use of cash had fallen, but frankly on thin and filtered evidence; while Armaguard, Australia’s only cash-in-transit business is facing the prospect of collapsing due to the claimed declining use of cash. The RBA, which regulates the payments industry and is responsible for printing money is also involved in the crisis talks.
And a social media campaign, led by the Cash is King Facebook group is calling on Aussies to withdraw and use cash next Tuesday, April 2, in protest against the shift to digital payments. The protest is aimed at showing Australia’s banks and retailers that there is still a demand for the use of cash in society. That is, if you can still find an ATM.
So, action on Tuesday to grab some cash could be an important step on the road to saving cash for All Australians who want to use it, despite pressure from the Government who is responding to huge pressure from the commercial banks. This in turn puts massive pressure on the current Senate review, who is scheduled to hold one more community hearing on Bribie Island on the 16th April. Will the committee who has laid bare the issues of branch closures and removal of cash come good or hook their final report like the earlier Royal Commission Inquiry into Financial Services, which exposed major issues through their hearings, only to turn to water in their final report and recommendations, which allowed the banks to behave business as usual. This time all eyes will be on the Senate.
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
