Visa Takes 'Access To Cash' Programme Industry-Wide

Visa Takes 'Access To Cash' Programme Industry-Wide
23.01.2020 11:50 am

Visa Takes 'Access To Cash' Programme Industry-Wide

Payments

Visa is taking its 'access to cash' programme industry-wide, working with partner banks to offer high street retailers in remote and rural locations a fee for processing cashback transactions over the counter.

The introduction of the UK-wide programme follows a year-long trial with Lloyds Bank, which offered rewards to retailers in return for providing cashback services.

The initiative comes in the wake of a backlash over the creation of 'cash deserts' in locations where bank branches have been closed and ATMs shut down.

Vim Maru, group director, retail bank, Lloyds Banking Group, says: “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.”

Visa is also looking at widening the availability of cashback services to consumers without the prerequisite of an in-store purchase.

Jeni Mundy, Visa MD, UK & Ireland, says: 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.”

Visa is following the footsteps of Mastercard, which has already announced plans to roll out a service which will offer UK retailers a fee for processing cashback transactions over the counter,

Under the programme, local shops and businesses will from April 2020 earn a fee of 12 pence every time they dispense cash to a shopper paying with a Mastercard debit card.

Mastercard says all of its debit card issuing partners will take part in the scheme, including: Clydesdale Bank, Metro Bank, Monzo, N26, Starling Bank, Virgin Money, Yorkshire Bank and starting later this year Santander.

Related News

TueCommerce enters into strategic partnership with retail payments specialist

Leading retail technology business TrueCommerce has entered into a new strategic partnership with international... Read more »

PayNearby collaborates with IndusInd Bank for contactless payments at 2 lakh+ Kirana stores

In its bid to simplify ordering, payments and delivery of essentials during the lockdown, PayNearby, India’s fastest growing hyperlocal FinTech startup has now expanded its... Read more »

Shopify introduces major product launches, including Shopify Balance and Shop Pay Installments

Shopify Inc., a leading global commerce company, announced new and updated products at ... Read more »

Recycling ATMs in Latin America to treble by 2024

Deposit automation and recycling terminals are revolutionising the way banks operate across the globe, allowing routine transactions to be migrated from the teller to self-... Read more »

Neobank Jingle Pay chooses W2 to power its new Super App for the Unbanked

W2, the leading provider of real-time digital solutions for global regulatory compliance, announced today that it has joined forces with neobanking group... Read more »

Wirecard and websms enable smart shopping via SMS and Messenger

Wirecard, the global innovation leader for digital financial technology, and websms, a pioneer in mobile messaging, have come together to set... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel