According to a poll of nearly 5000 conducted via SurveyMonkey, an overwhelming majority of New Zealanders (98 percent) have said they want to be able to continue to use cash in retail operations.
Conducted across social media to New Zealand adults (aged over 18) the survey has already collected 4762 responses and remains open. Just 86 people (1.81 percent) disagreed with the question: “Do you support a legal right to choose cash to pay for food and essentials?”
“This survey was targeted to adults living in New Zealand using Facebook advertising,” said Jason Bryce, spokesperson for CashWelcome.org, in what was a campaign organised by the cash industry.
“Clearly the vast majority of New Zealanders want to be able to choose to pay with cash and they don’t want to be herded into cashless transactions by institutions and retailers.”
The RBNZ’s Future of Money – Te Moni Anamata recently recommended retailers be forced to accept cash as part of a possible policy to ensure the future of the cash economy. In many countries, large established retailers are creating cashless stores where people pay by phone or present a smart card for swipe-and-go payment.
The Reserve Bank of New Zealand is preparing some policy options to steward the money and cash system. Bryce adde that physical notes and coins are essential national infrastructure and retailers must accept cash to ensure no one is excluded from making purchases.
“The RBNZ is correct to state (in recent papers and statements) that the best way to ensure the availability of cash is to ensure that cash is widely accepted,” he concluded.
“Banks are not incentivised to ensure branches and ATMs remain open and provide cash services, but physical notes and coins are essential national infrastructure. Retailers must be forced to accept cash to ensure everyone is included in the economy and to ensure that cash remains readily available.”