According to data released by the RBA recently, cash in circulation has increased during the COVID-19 pandemic, despite the universal push for cashless transactions.
Since March 2020, there has been a jump in the number of $20 and $50 available to Australians, with the two banknotes most commonly found in your nearest ATM, increasing significantly by $138m and $8.734bn, respectively.
So where is all the cash?
Are we hoarding it along with toilet paper, long-life milk and hand sanitiser? Or is it being put aside to by individuals to ensure they have cash on hand in emergencies or in the event of future disasters?
2020 had its fair share of natural disasters and a pandemic, so this is probably not too far off the mark. Although 2020 also saw a many Australian cities and regional communities lose access to their local bank branches and along with it their closest ATM.
It is well acknowledged that as a society we don’t function too well without a partnership of digital and cash payments, especially when technology fails us. Just take the January 2020 bushfires as an example, right across the country it brought down digital infrastructure and mobile connectivity almost instantly, it even caught out one of our own team members.
Armaguard Group Solutions Manager ATMs & Self-Service, Simon Mullin like thousands of other Australian’s was trapped by the ferocity and devastation of the early 2020 emergency, when his annual family Bateman’s Bay camping trip was suddenly interrupted. Inside a matter of hours they were trapped, without access to mobile networks, any power sources or water supply, and the only way to buy essentials such as food, water and fuel was with cash.
Simon summed it up “We live in a world where the convenience of digital payments has sent cash usage into rapid decline, but it was only during my experience that I grasped a real understanding of the implications.”
And it's not only natural disasters causing business owners and shoppers to turn to the security of cash, just recently we have seen alternative payments systems fail rendering many merchants unable to accept Eftpos payments for close to two weeks.
So with technology outages and more cash in circulation than ever before, we are determined to maintain your fair, flexible and spontaneous access to it through atmx by Armaguard.
Armaguard is committed to ensuring everyone has the ease and ability to obtain cash by building a nationwide network of more than 2,100 ATMs conveniently located in communities Australia-wide.
atmx by Armaguard is a network offering fee-free cash access to customers of financial institutions who have joined in agreement to provide convenient access to cash for their customers.
ATMs are essential and here to stay, cash is not going anywhere and atmx by Armaguard ensures ongoing convenient access to it for everyone, everywhere, whether you are in a big city, by the coast or in a small country.
Find your nearest atmx now.