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https://theconversation.com/money-transporter-armaguard-is-in-peril-could-cash-be-dead-sooner-than-we-think-226957>
"If you’ve ever taken money out at an Australian ATM, been handed $20 change at
a supermarket or paid someone in cash, you’ve probably used the services of
Armaguard.
Owned by Linfox Group, Armaguard is Australia’s largest currency transport
business, servicing about 90% of the cash-in-transit market.
But the company is struggling. Use of cash as a means of payment has declined
sharply in recent years, a trend that was only turbocharged by the pandemic.
Last year, Armaguard said it would need a $190 million lifeline over the next
three years in order to stay afloat.
Last week, the company rejected a A$26 million rescue offer put together by
some of Australia’s biggest banks and retailers, which would have required it
to open its books. Instead, it opted for a smaller A$10 million package from
its parent company Linfox that will see it through the next few weeks.
But the company’s future remains far from certain, worrying the Reserve Bank.
Why is “physical money” still important, and what could Australia learn from
countries who’ve already gone cashless?"
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
