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Visa to boost access to cash through retailers in the UK

Visa has announced that it will be launching an industry-wide Access to Cash scheme in partnership with banks for offering cashback to the cash-strapped areas of the UK. The new scheme is expected to incentivise shops and businesses to offer cashback to consumers using their Visa debit cards.

Jeni Mundy, Managing Director, UK & Ireland, Visa, said, “The popularity of digital payments continues to surge across the UK, however, we know that cash still plays a vital part in the lives of many. This is why we want to help increase the number of options that people have to gain access to cash, helping to extend financial inclusion by enabling customers to choose how they pay – be that by cash, cards, mobile devices or other means. We also hope our scheme will encourage people in the target areas to visit their local shops at a challenging time for retailers.”

The supplier states that the scheme will focus on target areas including remote or rural areas where access to cash is considered more difficult. It is also expected to encourage individuals to visit local shops, thus driving footfalls and revenues for them.

Vim Maru, Group Director, Retail Bank, Lloyds Banking Group, said, “Lloyds Banking Group maintains the biggest branch network of any bank in the UK and is committed to ensuring access to cash, including a free-to-use ATM network alongside other ways of accessing cash locally. Through the cashback pilot, we’ve been running in partnership with Visa since early last year, we’ve improved the availability of cash in local communities, particularly in areas under-served by free-to-use ATMs and where consumers’ access to cash may be restricted. We’re delighted that Visa is now encouraging all of its bank partners to get behind the scheme and create a cashback system that both rewards retailers and protects access to cash.”

Recently, Visa partnered with Lloyds Bank for increasing the number of locations where cardholders are able to withdraw cash.

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