Electricity outages prove power of cash
When critical systems fail, having money in your purse or wallet is a powerful thing.
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Simply take a photo of yourself with a Keep Cash t-shirt, downloadable poster, or sticker and follow the steps on our website for a chance to win.
Full details are here.
The widespread power outages that recently crippled Spain and Portugal have reignited global discussions about the importance of maintaining cash as a viable payment option
On 28 April, a massive blackout disrupted daily life across the Iberian Peninsula, halting trains, grounding flights, and disabling electronic payment systems.
Retailers and consumers alike were left scrambling as digital transactions became impossible, underscoring the vulnerabilities of a cashless society.
In Australia, similar concerns have been raised following blackouts and internet outages that have affected the Optus, Telstra, and other networks.
These incidents, which have affected supermarket checkout systems, bank operations, and business-to-business transactions, have cost the economy millions of dollars and inconvenienced millions of people.
While systems have been restored relatively quickly in past incidents, there is no knowing what a days or weeks-long outage would mean.
They have exposed the fragility of digital infrastructure and electronic payment systems and underscored the amenity of cash.
The spectre of technology failure is one of the reasons National Seniors Australia (NSA) has been at the forefront of advocating for the retention of cash as a payment option.
Recognising that a significant number of Australians, particularly seniors, still rely on cash for daily transactions, NSA’s Keep Cash campaign emphasises the need for businesses to continue accepting physical currency.
We are encouraging Australians to spread the word through our “Keep Cash” t-shirts and stickers and asking retailers to display “We Accept Cash” stickers.
NSA CEO Chris Grice says, “While NSA acknowledges the inevitability of a mostly digital society, it’s important to consider the needs of those who rely on cash, particularly seniors.”
The Reserve Bank of Australia (RBA) has also acknowledged the importance of cash availability, especially during outages that disrupt electronic payment systems.
In November last year, an RBA bulletin noted, “Online banking and fast payments services are most likely to be affected from outages, with root causes relating to issues with third parties, software and change management. Given the wide-reaching impact of outages, the effective management of operational risk in the payments system has never been more important.”
As Australia continues to navigate the balance between embracing digital innovation and preserving traditional payment methods, the lessons from international and domestic outages serve as a stark reminder.
Maintaining cash accessibility is not just about catering to a preference, it’s a matter of resilience and inclusivity.
