Why Cash is Still King

Today the CBA had a systems problem:

While the ATM and EFTPOS merchant services are working and debit and credit cards are working, some debit card payments may be affected.

But BPAY services including PAY-ID payments not available and Cardless Cash not available. In addition some in-branch service, some call centre services and business services on CommBiz were hit.

The CommBank app and NetBank are available with limited functionality.

A small number of branches have closed.

They said “We are experiencing higher than normal volume of calls to our contact centres which means there are longer wait times. Some of our contact centre services are also impacted limiting what services we can provide”.

Now, consider the situation where cash is less available. Sometime good old cash is still king!

Author: Martin North

Martin North is the Principal of Digital Finance Analytics

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