Brits who rely heavily on cash to manage their finances and buy essential goods and services are set to be benefit from improved access to pounds and pennies.
Following a successful pilot, the Access to Cash group has decided to rapidly roll out ‘cashback without purchase’ to thousands of smaller shops over the coming month.
Under an existing pilot scheme, customers insert their bank card into a card reader on the counter and can withdraw exactly the amount they need. Cash is provided by the retailer directly from the till.
Many withdrawals are often for ‘non-round’ amounts that are not available from an ATM.
The group has also decided to keep banking hubs, which provide crucial banking services for local communities, open until at least April 2023.
John Glen, economic secretary to the Treasury: “The Government brought in new laws to make it easier to offer cashback without a purchase earlier this year and it’s great to see the industry taking advantage of these.
“The next step is to get this innovative new solution rolled out to shops in our local communities to protect access to cash for the millions of people who rely on it.”
Natalie Ceeney CBE, independent chair of the Access to Cash Action Group: “We can already see the positive role the Hubs are playing in revitalising these local communities – providing essential banking services for individuals as well as a boost for local businesses.
“Extending the pilots gives us more opportunity to really understand what works for people, and what role services like these could play in the future.”