Is cash out day the best way to make cash appealing to Australians? Maybe not we think and here’s why

Is Cash Out Day a misdirected focus? Maybe, we think.

Cash Out Day, a campaign designed to highlight the use of cash in retail and other transactions, often falls short of its intended goal. By focusing solely on a single day and targeting banks, it presents a simplistic view of the decline in cash usage.

While the campaign aims to engage people with cash, it’s essentially a one-day media stunt. The emphasis on withdrawing cash from ATMs suggests that banks are somehow responsible for the shift towards electronic payments. This oversimplification overlooks the broader societal and technological factors driving this change.

Perhaps more effective campaigns could focus on highlighting the unique benefits of cash. For example, many retailers are currently offering the NAIDOC 50 cent piece as change. This sought-after coin appeals to collectors and underscores the tangible nature of physical currency.

The process of collecting and holding coins is a tactile experience that sets cash apart from digital transactions. By circulating the NAIDOC coin through cash registers, retailers are participating in a more subtle yet meaningful campaign.

While this approach might not garner the same media attention as Cash Out Day, it offers a more nuanced and sustainable way to promote cash usage. It emphasizes the value and collectability of physical currency, without placing blame on banks or resorting to short-term media stunts.

By focusing on a single day and placing blame on banks, it fails to address the underlying reasons for the decline in cash usage.

More effective campaigns could highlight the unique benefits of cash, such as its tangible nature and collectability. The NAIDOC 50 cent piece, for example, offers a tangible incentive for people to use cash and appreciate its value.

By promoting cash in a more nuanced and sustainable way, we can encourage its continued use without resorting to short-term media stunts or placing blame on specific institutions.

Tower Systems is grateful to be working with many retailers offering the NAIDOC 50c coin as change through their cash registers, helping Australians across the country access this sought after coin and thereby to engage with the joy of holding physical currency in their hands. Our POS software reaches many, in varied ways.