Cash Transport Giant Armaguard Seeks Rescue Amid Cash Network Reforms
What happened
Cash transport giant Armaguard required a $100 million rescue package from major banks and retailers last year to maintain operations. This occurred as the federal government introduced a new bill to give Australians a legal right to pay with cash, forcing major retailers and government agencies to accept notes and coins.
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Why it matters
The cash transport industry is under financial strain due to the shift toward digital payments. The new Cash Distribution Framework Act gives authorities power to oversee the cash network, allowing the Reserve Bank to designate a major provider under the Australian Competition and Consumer Commission.
The cash transport business has been under pressure as more people switch to digital payments.
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Who's involved
- ArmaguardCash transport giant that required a rescue package to keep operating
- Kevin HoganShadow Financial Services Minister who criticized the government's cash reforms
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The entities involved
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Kevin Hogan
American writer
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Armaguard
currency supply chain and technology company
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