New services will become available to meet the cash needs of consumers and businesses, a boss at the City regulator has said.
Sheldon Mills, executive director for consumers and competition at the Financial Conduct Authority (FCA) was speaking at a “cash summit” hosted by consumer group Which?
He said: “Over the longer term, we believe that new services will become available to meet the needs of consumers and businesses alike.
“Shared branches, cashback and deposit points might become commonplace in some areas, while more consumers embrace digital technology, and many use less cash.”
Mr Mills said research has been taking place into people’s access to cash.
Major retailers have signed up to a cash acceptance pledge, helping to ensure that customers who want to pay in coins and banknotes will not be excluded by the transition to digital payments, Which? has said.
Aldi, Asda, Co-op, John Lewis, LloydsPharmacy and Waitrose have made the public commitment to keep accepting cash in their stores.
Together, the supermarkets are responsible for nearly 4,500 stores in the UK, and have a combined grocery market share of more than 30%.
LloydsPharmacy has committed to continue to accept cash across its 1,400 UK branches, and John Lewis has agreed to do the same across its stores nationwide.
Updated: May 13, 2021, 6:34 am
Major retailers have signed up to a ‘cash-friendly’ pledge from Which? (Steve Parsons/PA)
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Major retailers have signed up to a cash acceptance pledge, helping to ensure that customers who want to pay in coins and banknotes will not be excluded by the transition to digital payments, Which? has said.
Aldi, Asda, Co-op, John Lewis, LloydsPharmacy and Waitrose have made the public commitment to keep accepting cash in their stores.
Banking services people can do at any Post Office counter including cash withdrawals and depositing cheques
Consumers can also check their bank balance and pay in cash to their account.
10:36, 4 MAY 2021
The Post Office provides banking services for most of the big high street names (Image: Press Association / PA)
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Lanarkshire banking initiative off to successful start
Cambuslang is among the areas taking part in a pilot scheme
The new Bankhub in Cambuslang is formally opened (Image: Rutherglen Reformer)
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A new banking initiative that aims to ensure access to cash is easier for locals has been hailed a hit by residents.