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What’s the Future of Cash – Te Moni Anamata?

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What’s the Future of Cash – Te Moni Anamata?

What’s the future of cash for our community, and your customers and business? Cash use is falling, but some of us rely on it more than others. Customers and retailers are facing a rapidly changing payments landscape. There’s no obligation on any person or organisation to give out or accept cash (except to receive payment for a debt). Declining cash use is one of several pressures on the cash system which involves the many organisations and individuals who move, store, and use cash. The Reserve Bank – Te Pūtea Matua is encouraging Cash Conversations – He Kōrero Moni about the future of cash in New Zealand.

A Reserve Bank team will be in Tairāwhiti-Gisborne and particularly wants to talk through the issues with retailers, tourism operators, other businesses – as well as people with digitally, financially or socially excluded community sectors who most rely on cash. They’re visiting coastal communities, talking with social agencies, and inviting the retail, tourism and wider business communities to a free After 5’s event.

Tuesday 12 November 2019
5.30pm - 7.00pm
Tatapouri Fishing Club
Please RSVP to - lena@gisborne.org.nz
Nibbles provided with a complimentary drink on arrival

The Reserve Bank has a multi-year programme underway called Future of Cash – Te Moni Anamata. Earlier in the year it received nearly 2400 items of feedback on its assessment of the issues potentially created by a decline in cash use – particularly an ability to obtain and use it, while a scientific survey of 3100 New Zealanders has updated the Bank’s understanding of cash use. Meanwhile it has an open consultation on proposals for the Bank to be given an expanded stewardship role for the cash system, including seeking powers to set quality standards for cash recycling machines (eg self-service checkouts, ATMS) and to be able to direct retail banks to provide cash services. This consultation closes the week before our event, but feedback from it will still make it into the consultation analysis and ongoing Future of Cash work. For more information: https://www.rbnz.govt.nz/notes-and-coins/future-of-cash

Posted: Tuesday 29 October 2019