Cash Out Day 2024

April 5, 2024

Cash is King! On Tuesday 2nd April 2024, many Australians flocked to their local ATMs to withdraw cash in support of Cash Out Day.  

With growing concerns that Australia could transition to a completely cashless society, cash enthusiasts have joined forces to create the grassroots movement, Cash Out Day, to keep cash flowing around local communities. In its inaugural year, Cash Out Day was also initiated to send a message to Banks and retailers that cash still plays an important and essential role in the lives of many Australians.

While there are many that like to pay via EFTPOS, there are still millions of Aussies that prefer paying for their day-to-day purchases with cash. There are several reasons why cash remains king, a few are outlined below:

1. Cash is secure!

Unlike transactions done via EFTPOS or banking applications, when you pay for something with cash, you aren’t at risk of having your bank accounts hacked or card details stolen. Beyond this, cash is untraceable, meaning your day-to-day movements are not tracked by the big banks.  

2. Cash attracts 0 fees!

Using cash to pay for goods and services does not attract any of the hefty fees that using EFTPOS does – saving both consumers and merchants money.

3. Cash is reliable!

We all know too well how unreliable technology can be from time to time – if you carry cash, you won’t be falling victim to any EFTPOS or broader technology outages that would otherwise hinder your ability to pay for goods and services.

The results from Cash Out Day 2024 are in – it's clear to see from Next Payments ATM withdrawal volumes alone that Australians still want cash in our society. The day saw a 6.2% increase in cash withdrawals from our ATMs across the country, when compared to the same day last year. Across industries, ATMs located inside shopping centres, high street through-the walls and supermarkets saw rises of 14%, 6.9% and 4.1% respectively.

Thank you to everyone who participated in the day, drawing cash out into our communities and emphasizing the role cash continues to play in our lives.

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