ACS (the Association of Convenience Stores) has welcomed an update from the Joint Authorities Cash Strategy (JACS) Group on safeguarding the UK’s cash infrastructure, highlighting the importance of cash to businesses and consumers.
The Joint Authorities Cash Strategy (JACS) Group brings together the Bank of England, Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) to ensure comprehensive oversight of the overall cash infrastructure across the UK.
In its update, the Group noted the importance of supporting a ‘broad and sustainable cash system’ outlining the current inefficiencies with the UK’s cash infrastructure.
ACS chief executive James Lowman said: “Local shops play an important role in providing access to cash to their customers, primarily through a network of ATMs, but this is becoming increasing difficult as a result of cuts to interchange fees making it unsustainable for local shops to host.
“We welcome the findings of this report and share many of the concerns that have been highlighted. Despite the rise in digital payments, cash will continue to play a vital role in the day to day lives of millions of consumers and businesses across the UK.”
The 2019 Local Shop Report shows that almost two thirds (64%) of local shops provide a cash machine to their communities. Consumers also rated cash machines as one of the most valuable services offered by convenience stores.
The full JACS Group update is available here.
