The ATM Industry Association (ATMIA) has published a position paper recommending the removal of international restrictions on payments in cash.

The position paper especially recommended removal of caps which prohibit transactions exceeding a certain amount from being settled in cash.

ATMIA CEO Mike Lee commented: “It seems to be absurd to discriminate against cash in this manner when over 80% of global retail payments today are still made using cash. Why cap cash payments when there is so much more to lose than to gain?”

The trade association listed examples of cash restrictions which several countries have imposed and argued that there is no evidence that these caps on cash payments have reduced tax evasion, curbed the shadow economy or combatted crime and terrorist financing.

The position paper also pointed out significant negative consequences of the caps such as lost sales, damage to small businesses and entrepreneurs and the undermining of financial and social inclusion.

“In a similar vein we oppose enforced restrictions on ATM cash withdrawals and on private cash holdings by free, law-abiding citizens,” Lee commented. “It should be remembered that the vast majority of cash transactions are legitimate and it makes no sense to target cash use and cash users in this somewhat arbitrary way.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The new paper was based on original research by Guillaume Lepecq, managing director of AGIS Consulting (France) and was peer reviewed by Ron Delnevo, executive director of ATMIA Europe, and Debbie Smyth, the association’s international industry adviser.