Shops that don’t accept cash deter 40% of shoppers from using them, according to a Next Payments/SurveyPlanet survey of 1,019 Australian and New Zealand based consumers. Results follow this release.
- 95 per cent of consumers want to be able choose cash to buy goods and services.
- 82 per cent of people surveyed consider it “unfair” that some retailers do not provide choice of payments.
- 74 per cent of Aussies and KIwis are concerned by hidden card payment fees.
- 77 per cent believe cash is the most reliable payment system.
- 63 per cent said cash was surcharge-free.
- 40 per cent answered “Yes” when asked: “Many stores have discouraged the use of cash during COVID-19, does this deter you from visiting them?” (see Q.3 below)
- 58 per cent of survey respondents find budgeting easier with cash, when compared with cards.
- Exactly 50 per cent of people have data concerns with digital and card payments.
- 45 per cent believe cash is safer than cards for payments “given the potential risk of transmission of germs and viruses.”
“Cash is not dirty, banks and card companies are profiting from fear,” said Tim Wildash, Chief Executive Officer of leading independent ATM supplier, Next Payments.
“This big survey shows that half of all Aussies and Kiwis are concerned about their transactions data being used in ways they know nothing about.
“I am concerned that banks could use all this extra data they have on to assess, or reassess mortgages and loans,” said Tim Wildash.
“Cash is private but banks, in particular, plus card and payments companies are profiting from my information.
“Not only do the card companies get my data, they charge my an exorbitant fee for each transaction.
“$500 of spending on a card can cost the consumer $8 in credit card fees,” said Tim Wildash
Reserve Bank of Australia documents released under Freedom of Information on the 3 June 2020 show the RBA has investigated the issue of virus transmission and currency and concluded cash poses no significant risk of carrying viruses. 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.