Tuesday, October 17, 2017 | Today's Vending Industry News
Reserve Bank Says Australia's New $10 Note Will Work In Vending Machine Validators

Posted On: 9/20/2017

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Australia's new $10 note entered circulation on Sept. 20 and the Reserve Bank of Australia says it won't have the same issues in vending machine payment systems that the redesigned $5 note did upon its introduction late last year. However, that all depends upon how prepared vending operators are. 

Features introduced with the new $5 banknote, which was immediately rejected by vending machines, return on the new $10 banknote to protect against counterfeiting. They include a top-to-bottom clear panel, fluorescent ink and raised printing. All banknotes in the new series also include a tactile feature to assist the vision-impaired community.

The next-generation $10 bill retains images of Australian writers Mary Gilmore and AB "Banjo" Paterson, and includes elements of their works. It is the same size and features the same colors as the existing $10 banknote. The RBA has printed more than 200 million of the new $10 notes, but existing $10 notes will stay legal tender.

Australia's National Vending Association president Nick Aronis said the industry is hoping it's going to be a smoother transition than it encountered with the redesigned $5 note. 

"Most of the major issues that we encountered with the new $5 note have been resolved," he told ABC Radio Brisbane. "Most of the vending industry has upgraded all the hardware that was not compatible. So we believe this time around it's going to be a smoother transition by simply just upgrading the firmware on all the note readers."

"Ultimately, it is a decision for individual businesses to determine if and when they make the necessary adjustments," RBA Gov. Philip Lowe said. "The Reserve Bank encourages all owners of banknote handling equipment to upgrade their machines so that their customers can use the new, more secure banknotes."

The Reserve Bank of Australia is next planning to roll out a new $50 note in about 12 months.