Lloyds teams up with 500 local retailers to offer cashback services

By Megha Bhattacharya

Lloyds announced today that it will be teaming up with 500 local retailers for offering cashback services in communities with low cash availability. The initiative builds on the success of a 2019 pilot, also delivered in partnership with Visa, and could be extended further if successful.

According to Lloyds, the new cashback programme follows support for the Community Access to Cash Pilot, a fund which has allowed communities to bid for help to improve cash access in their area. It complements the network of Lloyds Bank, Halifax and Bank of Scotland branches and ATMs, the partnership with the Post Office and its 11,500 branches and existing cashback arrangements with merchants around the country.

Philip Robinson, Director of PCA and Payments at Lloyds Bank said, “We want to work with retailers in communities where we know cashback can be a quick and efficient way to retain free access to cash. Initiatives such as this will help us understand more about changing customer behaviour so we can work with our partners to safeguard access to cash for those who continue to rely on it.”

Lloyds stated that it will offer a financial incentive for retailers and businesses in identified locations, from corner shops to pubs and pharmacies, to offer cashback to all of their customers.

Recently, Lloyds Bank announced the launch of a new Trusted Person Card. The new feature aims to enable the vulnerable consumers to purchase groceries and essential goods during the lockdown. The card will enable a trusted person to make purchases in shops, or withdraw cash, for the account holder, without sharing the primary card or other confidential account details.

Jeni Mundy, Managing Director UK & Ireland at Visa said, “We’re proud to support Lloyds Banking Group on this important initiative. While the adoption of digital payment solutions by consumers and retailers has accelerated in the UK this year, some consumers need greater choice. Cashback is one of a number of solutions that enables access to cash across the UK and ensures that everyone can pay with ease.”