New Zealand retailers push for better cash access standards

The Reserve Bank of New Zealand (RBNZ) has uncovered significant dissatisfaction among retailers regarding access to cash services. A survey of retail sector submissions revealed strong support for a standard cash access service, regardless of location. The RBNZ received 6,106 submissions to its Keeping Cash Local consultation, with retailers being among the most vocal advocates for change.

Retail NZ conducted its own survey, finding that 92% of respondents agreed on the need for a cash service standard. The survey also highlighted widespread dissatisfaction, with 46% of retailers unhappy with cash services in their districts and 49% unhappy with national services. Carolyn Young, CEO of Retail NZ, emphasized that many retailers believe the current system needs improvement to facilitate smoother business operations.

Karen Silk, RBNZ’s assistant governor of money, noted that businesses view cash as a secure and reliable payment method. However, she acknowledged that depositing cash, obtaining coins, and accessing bank services is becoming increasingly difficult and costly. Silk’s comments underscore the growing challenges faced by retailers in managing cash transactions.

Young expressed optimism that the RBNZ’s recognition of the issue will lead to meaningful action. She hopes that a service standard will be implemented to ensure all New Zealanders have consistent access to cash when needed.