Osko, CBA failures just the latest to leave customers stranded. Today, reported problems with ‘Osko’ payments between banks facilitated by the New Payments Platform are leaving bank customers stranded and angry. Customers of all banks have reported the failure of the “Osko” real time transfer system to their banks overnight on the 27 April and the morning of 28 April
Read more
Eftpos, bank and credit union ‘outages’ are leaving people stranded. Consumers and retailers simply cannot rely on eftpos systems to work. Some people are loading up trolleys of food and essentials only to find their cards are not working or shop eftpos systems are ‘down.’ Recent Eftpos system outages have affected: At least 10,000 retailers using Tyro eftpos terminals, leaving
Read more
Reserve Bank of Australia data shows Australian consumers have rushed back to withdrawing cash after an initial plunge during the first few months of the COVID-19 pandemic. There were 45 million cash withdrawals from Australian ATMs (worth $10.6 billion) in December 2019. That number fell to 22 million withdrawals worth $6.5 billion in April 2020 then bounced back to 35
Read more
More than seven thousand ATMs have been removed from communities throughout Australia in the last three years. The big banks are reducing their ATM network and branch network footprints and our access to cash along with it. More than two thousand ATMs have disappeared in the last three months according to the Australian Payments Network. 175 bank branches have also
Read more
Have you stopped using cash since the onset of COVID-19? COVID-19 has led to an explosion in cashless transactions. Suddenly all of our spending history is exposed on bank account and credit card statements. Cashless transactions leave a trail of data behind. It’s one thing to have online advertising targeted to you because of that item you just purchased on
Read more