July 27 – In the aftermath of Visa Inc’s contentious current “cashless campaign,” ATMIA has published a position paper entitled “Cash is good for society.” In the new paper, the not-for-profit global trade association looks beyond the war of words waged against cash to the real, underlying role of cash in today’s society.
“The study reminds us that cash remains the number one form of global payment as well as the number one back-up plan when systems fail,” comments Mike Lee, CEO of ATMIA “It also provides a bulwark against cybercrime, a tool for financial inclusion and household budgeting as well as an important asset in the armoury of central banks for ensuring monetary stability and balanced levels of national spending.”
ATMIA has long argued that it is good industry practice to promote payment choice for consumers and merchants alike and for a peaceful coexistence between digital and cash payments to prevail.
“Nobody needs a war on cash,” Lee added, “All we’re asking for is freedom of choice for all.”
Read the paper: Cash is good for society.”
ATMIA is the leading non-profit trade association representing the entire global ATM industry. ATMIA serves more than 10,000 members from over 690 participating companies in 70 countries spanning the whole ATM ecosphere, including financial institutions, independent ATM deployers, equipment manufacturers, processors and a plethora of ATM service and value-added solution providers. ATMIA provides education, advocacy and connections to help its members keep abreast of industry news and developments; increase knowledge and professionalism; improve operational efficiencies; understand and influence regulatory processes; participate in the local, regional and global ATM community; and forge new relationships to advance their businesses. Founded in 1997, ATMIA has active chapters in the United States, Canada, Europe, Latin America, Asia-Pacific, Asia, Africa, India and the Middle East focusing on the unique needs and issues of each region. For more information, please visit atmia.com. Follow us on LinkedIn, Twitter or YouTube.