Retailers are dissatisfied with access to cash services, according to research from the Reserve Bank of New Zealand (RBNZ), with an overwhelming majority calling for a standard for cash access irrespective of location.

RBNZ said it received 6106 submissions to its Keeping Cash Local consultation, with the retail sector’s submission among the strongest supporters of a cash standard.

Retail NZ lodged a submission following a survey of its own members, the body’s CEO Carolyn Young said.

“Our members were clear that there needs to be a cash service standard, with 92 per cent of our survey respondents agreeing with that statement,” she added.

“We found there was also a large amount of dissatisfaction with the current level of cash services, with 46 per cent saying they were not satisfied with cash services in their own district, with the dissatisfaction rate growing to 49 per cent when they considered the cash services available nationally.

“It is clear many retailers believe change is required in this space to make it easier to conduct their business.” 

Karen Silk, RBNZ’s assistant governor of money, said businesses find cash is a more secure and reliable way to get paid. “Depositing cash, getting coins, and accessing bank services was becoming harder and more costly,” she added.

“While retailers will be heartened that the Reserve Bank is taking the issue seriously, we remain hopeful that a service standard will be implemented, enabling all New Zealanders to access cash when and where needed,” Young responded.