It should still be possible to withdraw free cash from JEDMAT ATMs everywhere in the country. Finance Minister Kaag wants to oblige banks to do so Regulate cash by lawPreferably before the end of the year.
“Having cash is crucial,” says Kaag. “Not everyone finds their way in digital payments. Cash must remain available, accessible, and affordable for them. In addition, cash is an important backup option in the event of an electronic payment traffic failure.”
The cashless society is on the rise. The digitization of payment traffic, with debit cards and mobile payments, is replacing the use of cash.
However, for a large group of people, cash is important because, for example, they have difficulty with electronic payments, or they prefer cash for various other reasons. according to Research 2021 from McKinsey By order of the Dutch Payments Association, one in thirteen Dutch people depend on cash
“Cash is the only form of public money,” Kaag says. “It is a common pillar in the payment system and contributes to confidence in the broader financial system.”
Existing voluntary agreements with banks in relation to Geldmaat ATMs provide little certainty that sufficient cash will be available in the future. Banks are legally required to maintain the existing ATM infrastructure.
In recent years, banks have removed or merged many ATMs for cost reasons. In 2015, the Netherlands had more than 8,300 ATMs, and in 2021 there were only 4,900.
Banks bear the costs of cash, distribution and basic infrastructure. According to Minister Kaag, these banks are initially the big three banks ABN Amro, ING and Rabobank, because they jointly own Geldmaat and together account for 85 percent of current accounts in the Netherlands. Other banks use Geldmaat ATMs under reasonable conditions and rates.
The intention is for De Nederlandsche Bank (DNB) to supervise and enforce compliance where necessary.
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