Stores back pledge to protect millions who prefer to pay in cash
MAJOR retailers have promised to keep accepting cash from customers as part of a watchdog’s campaign to help vulnerable consumers.
Aldi, Asda, Co-op, John Lewis and LloydsPharmacy have all signed up to theWhich? pledge.
It will help those who are not ready or able to pay digitally, such as older people or those who are homeless.
More than two and a half million people still rely on notes and coins to pay for essential services.
Anabel Hoult, chief executive of Which?, said: “Our cash-friendly pledge will reassure consumers who rely on it that they will not be left behind as we make the transition to digital payments.
“We’re asking retailers to sign up to the pledge because the pandemic has dramatically accelerated the decline of people using cash.
Needs
“It threatens the whole infrastructure that ensures millions of people who aren’t yet ready to make the switch to digital payments can access and spend their own money.”
The British Retail Consortium, Association of Convenience Stores and the British Independent Retailers Association are now encouraging their thousands of members to sign up.
The Bank of England also supports the introduction of the pledge. Its chief cashier Sarah John said the ability to use cash remains vitally important for many. She said: “By signing up to this pledge, businesses are helping to ensure that everyone in the UK is able to use the form of payment that best meets their needs.”
The launch of the commitment coincides with Which? today hosting a summit on the future of cash.
It will bring together representatives from the Treasury, banking and payments giants plus industry experts.
The group will call on the Government to set out when legislation to protect access to cash will be introduced and provide greater clarity about its long-term plan for cash accessibility.
Ms Hoult said: “The Government announced it would legislate to protect access to cash more than a year ago. Now it must set out when this will be introduced and explain its long-term plan to protect cash for as long as people need it.”