Basic Cash Access Is NOT Enough! - Image 1

Basic Cash Access Is NOT Enough!

Posted on: 24/06/2024

A useful article from MoneySavingExpert.com

However, “protecting cash” involves far more than just basic access, which is what communities get, for example, from a counter service only post office.

Full “protection” can only be provided through 24/7 availability of cash and multiple convenient access points, in each community where cash is being “protected”.

Anything less is simply pretend “protection”, with the real objective of managing cash off the Payment Choice Menu and out of society.

There is also the issue of acceptance, which is becoming a very serious problem.

What is the point of being able to access your cash if you then cannot spend it?

Legal measures - a Payment Choice Act -to guarantee cash acceptance are required, by the end of 2025 latest.

Acceptance is absolutely key.

And “choice” is something else that is key.

Around 30 million adults in the UK, who don’t NEED cash, adults who have all the technological access and education they require on alternative payment methods, WANT to use cash.

And they WANT to do so FOREVER!

Source: moneysavingexpert.com/news/2024/06/general-election-financial-inclusion-education




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