Shops to offer charge-free cash withdrawal
LOCAL shops will become “cash machines” under a new scheme, after a decline in access to physical money.
Customers in select shops will be able to get cashback of up to £50 and check their balance without charge or the need to purchase items, in areas where there is little access to ATMS.
The scheme will be rolled out in 2,000 retail outlets by the end of the year, with further expansion planned next year. It has been launched by Link, the cash machine network operator, as an answer to the decline in cash use.
The service will be available at corner shops via Paypoint machines, which also allow shoppers to pay utility and other bills. Customers will be able to request as little as 1p. It is hoped that, in time, a wider range of retailers and payment providers will opt in.
The number of free cash points in
Britain fell by a quarter in less than four years, with fewer than 50,000 left.
It follows a pilot scheme in around 900 locations over the past 12 months, including a café, a pharmacy and a bike shop. Cash users made close to 25,000 transactions during the test run. John Glen, the Economic Secretary to the Treasury, said the initiative would make a “real difference to local communities”.