ACS: Government Urged to Guarantee Access to Cash for Consumers

ACS (the Association of Convenience Stores) has welcomed comments made during an evidence session with the Payment Systems Regulator about the future of the UK’s ATM network.

During an evidence session held by the Treasury Committee with the Payment Systems Regulator (PSR), Chair of the PSR Charles Randell said that the whole system of access to cash needs to be reviewed and that the PSR board will look at the entire infrastructure of cash provision.

Mr Randell said that there is a need to guarantee access to free-to-use ATMs, but with changes to the way people are using cash and contactless payments affecting the economics of the cash distribution industry, a debate is needed this year about whether access to cash should be a universal service, rather than a commercial one.

ACS chief executive James Lowman said: “Convenience retailers are continuing to invest in digital payment methods to meet consumers demands, but the choice to pay by cash must be protected by guaranteeing national access to cash. The Access to Cash Review, set to report in the Spring, will be a key landmark on how to ensure access to cash is available for as long as people demand it.

“ACS is working closely with the Review team to communicate how convenience retailers have stepped in to support high streets by taking on ATMs and other payment issues for the sector. We are clear that retailers can form an important part of the solution to providing national access to cash but cannot be expected to subsidise the ATM network.”

Figures from the 2018 Local Shop Report show that 46% of convenience stores have a free to use cash machine and 76% of customers pay by cash.

This entry was posted by Chloe on Wed, 13/02/2019 - 16:02