New Zealanders Demand Better Cash Services Amid Widespread Concerns

According to the Reserve Bank of New Zealand (RBNZ), over 6000 people responded to their consultation on access to cash, revealing widespread concerns about the availability and convenience of cash services.

The majority of respondents felt that businesses should not have to travel long distances to withdraw or deposit cash, nor should they be required to pay fees for using ATMs. Many also emphasized the importance of having a minimum standard for access to cash services, regardless of whether someone lives in an urban or rural area.

The RBNZ noted that people trust and rely on cash for everyday spending, budgeting, emergencies, fundraising, and cultural events. A significant number of small businesses also highlighted the security and reliability of using cash as a payment method.

A 2-yearly cash use survey showed that only 5% of New Zealanders never use cash, while two-thirds store cash for emergencies and more than half of adults aged 18-29 use cash for everyday expenses. The RBNZ is working with banks on a voluntary approach to improve access to cash services.