ACS (the Association of Convenience Stores) has submitted evidence to the Payment Systems Regulator urging them to protect access to cash.
The Payment Systems Regulator launched a call for views about the structure of ATM interchange fees and how this impacts ATM operators and retailers that host machines across the country.
In the submission, ACS outlined that the current structure of interchange fees, a standard fee with premiums for more isolated and rural machines, is capable of providing a national network. However, the current effectiveness of the national ATM network is being undermined by the declining level of interchange fees and poor implementation of the LINK Financial Inclusion Programme.
ACS chief executive James Lowman said: “Retailers cannot be left to subsidise the network, it is vital that the Payment Systems Regulator uses its call for views to protect access to cash.
“Cash is still an important part of the economy and a vital payment method for many people and businesses who rely on it as part of their everyday lives. ”
ACS’ full submission is available here.
