Think cash is just a legacy payment method these days? Think again. The public’s response to the Reserve Bank of New Zealand’s (RBNZ) Keeping Cash Local report shows it's unlikely to disappear any time soon.

The findings are a timely reminder that cash remains more than just a payment method. For many of us, it's a tool for independence, budgeting and emergency preparedness.

What the RBNZ proposed

The RBNZ was keen to test its views on what would be an appropriate minimum standard for cash service provision by the banking sector across New Zealand.

‘Cash services’ refer to withdrawing and depositing cash, and exchanging notes and coins, for both businesses and individuals. The proposed thresholds for banks to meet had two main threads.

• ·         The maximum distance people should have to travel to access free-to-use cash services – being 3km within urban areas and 15km in rural settlements.
• ·         The minimum number of free-to-use cash service sites per 10,000 people, with the RBNZ proposing 2.5 service sites per 10,000 people.

About half of respondents believed these thresholds were about right, with 28% wanting more for their district.

What the public had to say

The consultation received 6,106 submissions (6083 from individual members of the public and 23 from organisations). A significant 90% of respondents supported having a minimum cash-services standard. About half of respondents were dissatisfied with current cash services in their district and across New Zealand.

The Keeping Cash Local: Summary of Submissions reveals that cash remains particularly important for vulnerable and older New Zealanders, with groups such as Age Concern, FinCap, the Public Trust and the Salvation Army arguing that cash is important for things like budgeting and debt management, financial independence, those who struggle with digital banking and people who are unbanked or underbanked.

Separate RBNZ statistics show that Māori and people aged 60 and over are among the most frequent cash users now.

The public also strongly considered cash important for emergency preparedness, such as during natural disasters and digital outages, with Cyclone Gabrielle and the Christchurch earthquakes cited. To this end, other RBNZ statistics show nearly 70% of people kept cash for emergencies in 2025, up significantly from 32.8% in 2019.

Another key theme was the shrinking number of bank branches and ATM availability, which was described as disproportionately affecting older people, the disabled, rural communities, lower-income households, and people without reliable internet or mobile coverage.

A strong number of responses were keen to see cash acceptance be made mandatory – not just access to cash. Respondents frequently raised concerns about cashless businesses and councils refusing cash.