ACCC allows talks among retailers, others over cash transit plight

(Source: Bigstock)

The ACCC has authorised – with conditions – that retailers, the Australian Banking Association (ABA), the Customer Owned Banking Association, banks and other industry participants can participate in talks over the distribution of cash in the country.

The move came after Armaguard – a major supplier of cash-in-transit services – expressed its concerns about its operational future in the industry, given the declining use of cash.

The authorisation, which will expire at the end of October, relates to discussing and reaching in-principle agreements about industry responses to providing ongoing access to cash. 

“It is crucial that the discussions take into account views from a broad stakeholder group, particularly to ensure initiatives are developed to maintain access to cash in regional and remote areas,” said ACCC Chair Gina Cass-Gottlieb.

In March, the ABA applied for separate authorisation to allow it and its members to discuss and implement measures in the event of a disruption to the supply of cash.

In December last year, the ACCC granted interim authorisation to the ABA, banks, and other relevant industry participants to discuss arrangements for continuing the physical distribution of cash.

In June, the ACCC granted merger authorisation to Linfox Armaguard and Prosegur Australia to combine their cash distribution businesses in Australia.

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