Aussies planning to protest tap and go society with 'cash out day'

Pro-cash activists are expected to flock to ATMs to withdraw money next week in protest of Australia’s move to a cashless society.

Dubbed “Draw Out Some Cash Day”, demonstrators intend to take out sums of $20 or more on Tuesday with the hope of pouring cash back into businesses.

“Everyone who can, go to your banks ATM and draw out some cash,” reads a social media post.

“If everyone did this it would draw thousands of $$$ out into the community and banks will be running around to refill ATMs.

“We want this to go nationwide. Tell your friends. Never let cash vanish.”

The campaign has been circulating across Twitter, Instagram and Facebook under the hashtag “CashIsKing” and follows the lead of other social media pro-cash movements.

But it comes as the viability of the nation’s main cash transportation company Armaguard, comes into doubt.

In a leaked memo, Coles Liqour informed staff that a 1.5 week pause on Armaguard cash collections could affect transactions at some Liquorland, Vintage Cellars and First Choice stores.

It noted change reserves could be impacted during this period and encouraged staff to ask for card payments.

Coles told 9news.com.au: “Due to industry wide challenges with cash movements, we are taking some temporary steps to prepare for disruption to Armaguard services”.

“We are not transitioning to cashless transactions.”

Armaguard recently advised banks that “the challenge of rapidly declining cash use” has put the viability of their business at risk.

If Armaguard were to stop delivering bank notes, and cash was to become no longer available, banks and regulators worry the implications could impact consumer trust across the broader financial system.

At the Australian Financial Review Banking Summit yesterday, chief executive of the Australian Banking Association Anna Bligh said banks and major retailers were currently in negotiations.

“The four major banks have combined in a consortium with the two big supermarkets Woolworths, Coles, Wesfarmers and Australia Post,” she said.

“Banks and the retail partners on this have really lent in to try and find something that can work, so that it would effectively buy some time for us and the cash and transit operator to think about what [the future will] look like.”

Bligh said she could not comment further on the talks, but acknowledged the rise of cashlessness will be the challenge of the next decade.

“You know, 10 years ago… no one was making a payment with their mobile phone or their watch, and it is now the fastest growing way of paying for goods and services,” she said.

“But there is still going to be a need for cash.”

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