ACS (the Association of Convenience Stores) has called on the Government to take action to protect the future of cash, highlighting the important role that cash plays in the lives of businesses and consumers.
ACS has briefed MPs ahead of today’s Westminster Hall debate on access to and acceptance of cash during the Covid-19 outbreak, making a number of key recommendations, including:
- Restore the independent methodology for setting LINK interchange fees for ATMs and require bank participation within the national LINK ATM network.
- Enable cashback without a purchase, but without any obligation for retailers to offer the service and guaranteed fair remuneration.
- Develop an access to cash guarantee to ensure access is retained where exceptional circumstances do not lead to coverage.
Findings from the 2020 ACS Local Shop Report show that around half of convenience stores (49%) offer free to use cash machines, 88% offer contactless payments and 68% offer cash back with a purchase.
ACS chief executive James Lowman said: “Local shops operate at the heart of their communities and play a vital role in providing consumers with access to their cash. Although consumers’ relationship with cash is changing, it is still an essential payment method for millions in the UK, particularly those who may be more vulnerable or isolated.
“The Government needs to take action to protect long-term access to cash for consumers and provide retailers with support to enable them to continue offering these services to their communities.”
In the 2020 Budget, the Government committed to bring forward legislation to protect access to cash for consumers.
ACS recently responded to a HM Treasury call for evidence on access to cash, the full submission is available here.
