ACS: Government Intervention Needed to Protect Long-Term Access to Cash

ACS (the Association of Convenience Stores) has responded to a HM Treasury call for evidence, calling on the Government to take urgent action to secure long-term access to cash.

In its submission, ACS makes a number of key recommendations, including:

  • Restoring the independent setting of LINK interchange fees for ATMs
  • Guaranteeing retailers with fair renumeration for offering cashback services

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 play a key role in providing customers with access to their cash, from providing free to use ATMs to offering cashback. Cash is a widely used and essential payment method for millions of people in the UK and it is vital that any Government intervention serves to support access to cash for consumers, as well as enabling retailers to continue offering these services to their communities.

“This call for evidence is timely, allowing ministers to look at the whole picture and to plan for a sustainable future for cash, with local shops playing an important role in that.”

The Government has previously committed to bring forward legislation to protect access to cash for consumers in the 2020 Budget.

The full submission is available here.

This entry was posted by Chloe on Tue, 24/11/2020 - 15:15