In face of mobile money onslaught, Atmia makes pro-cash rallying cry

In face of mobile money onslaught, Atmia makes pro-cash rallying cry

With mobile money hogging the headlines thanks to the recent launch of Apple Pay, the ATM Industry Association (Atmia) is hitting back with a campaign extolling the virtues of old-fashioned cash.

The death of cash has long been foretold but the predictions have gathered momentum over the last couple of years thanks to the rising popularity of debit cards and a scramble among tech and banking giants to crack the mobile money market.

But, Atmia says, 85% of all retail payment transactions are still made in cash and the association is putting together its own campaign on the virtues of notes and coins in an effort to counter the wave of publicity enjoyed by Apple Pay and others in recent weeks.

The group is calling for "real-life" stories from members about situations when they needed cash, highlighting its benefits over electronic alternatives, for a promotional video.

Tom Harper, president, Atmia, says: "Why do most people carry cash even in this day of ApplePay, NFC, mobile wallets and ubiquitous plastic? Probably because they never know when they’re going to need it! Technology fails all too often, but cash always works."

Recent research from the US Federal Reserve suggests that cash will be around for some time yet, with Americans still choosing to use notes and coins more frequently than any other payment instrument, including debit or credit cards.

However, in the long term, Atmia's efforts to protect its turf could be doomed as electronic payments adoption gathers pace. According to a report from RBS and Capgemini, non-cash payments volumes are expected to increase by nearly 10% percent to reach 366 billion transactions in 2013, fuelled by strong growth in developing markets and mobile money.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 27 October, 2014, 15:54Be the first to give this comment the thumbs up 0 likes

@Finextra: 2013? Or 2023? "According to a report from RBS and Capgemini, non-cash payments volumes are expected to increase by nearly 10% percent to reach 366 billion transactions in 2013, fuelled by strong growth in developing markets and mobile money."

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