Product & Services News
2001 Archive
24/07/01 Cashcard Transaction Milestone
Cashcard has processed 2,000,000,000 transactions
Last month, Cashcard processed its 2 billionth transaction since formation in May 1993. This EFT transaction milestone reflects the continued growth of Cashcard’s business and the evolution of traditional banking distribution channels in Australia’s payments system.
Cashcard processed its 1 billionth transaction in October 1998. At that time, there were 8,892 ATMs in Australia. Since then, the total number of ATMs has grown to well in excess of 13,000, with some 37% of these now located in retail locations such as fuel outlets, convenience stores and clubs. As of this month, Australia has an open ATM interchange and consumers are embracing the choice and added convenience of "any card, any ATM" accessibility to their funds.
As Australia’s leading provider of payments and processing services, Cashcard has been at the forefront of meeting the needs of consumers and responding to market demand. The Cashcard Network is Australia’s largest ATM network, incorporating more the 30% of all ATMs. More than 30% of the Network’s ATMs are now deployed at retailer locations. Furthermore, Cashcard drives 45% of all merchant ATMs in Australia, positioning the company as the premier merchant ATM processor. The company’s Self Service business stream has continued to gain strong momentum since December 1998, when Cashcard entered an agreement with the Shell Company of Australia to manage its ATMs and EFTPOS devices throughout Australia.
In the financial year ended 31 May 2001, Cashcard processed more than 20% of the transactions that make up its "2 billion" milestone.
