The impact of the global internet outage on digital payments has further demonstrated the critical importance of keeping cash accessible and accepted. 

The failure, attributed to a software update by cybersecurity company CrowdStrike, affected banks, shops, airlines, media outlets and other businesses using Microsoft Windows from late Friday, 19 July, across the weekend and into this week. 

Australia was hit first, with reports of supermarket shoppers abandoning their trolleys because there was no way to pay for their purchases. 

Many shops and restaurants closed their doors because they could not process credit cards or electronic transfers.  

Personal banking and other financial services were disrupted for some people, while airlines cancelled or delayed thousands of flights, hospitals called off surgeries, and some radio and television stations were forced off air or into emergency broadcasting mode. 

As disruptive as the outage was, it could have been worse. 

It appears that Friday’s event was the result of human error at CrowdStrike. Had it been a deliberate cyberattack by a malevolent individual, organised crime network, or foreign power, things could have turned out differently. 

In recent times, hackers have attacked computer systems, compromising customer data at Ticketek, Optus, Medibank, and other businesses. Banks and retailers are potential future targets. 

The possibility of targeted cyber attacks, or tech failures such as the CrowdStrike incident, shutting down banking systems is one of the reasons behind National Seniors Australia’s Keep Cash campaign.  

National Seniors CEO, Chris Grice, has noted that, while online facilities are convenient for many people, “digital systems pose risks during outages and natural disasters, highlighting the importance of cash being an option during emergencies”. 

Mr Grice told Radio 4BC after the CrowdStrike incident, “Keeping cash is not just about older Australians, this is about the entire community. 

“The outage indicates how important it is to keep cash circulating through the system. It’s just so critical.” 

Mr Grice has noted how the move towards a “cashless society” is disproportionately impacting seniors who struggle with technology and online banking. 

“Many seniors are not comfortable transacting online because they’re not tech savvy, and they’re concerned about online and credit card scams. In many cases, cash is all they’re familiar with, and is their only way to make purchases".

The absence of cash circulation also has negative impacts on rural, regional, and remote communities, where digital services are not always available. 

NSA is encouraging retailers to display “We Accept Cash” stickers in their shop windows or at point of payment, and motorists to display “Keep Cash” bumper stickers. The stickers are available here.