Visa to incentivise retailers in new access to cash scheme

Visa has announced the launch of an industry-wide ‘access to cash’ scheme with its partner banks to incentivise retailers.

The new initiative will incentivise shops and businesses to offer cashback to consumers using their Visa debit cards in areas where access to cash is difficult.

The scheme aims to increase the number of locations where cashback is offered.

“The popularity of digital payments continues to surge across the UK, however we know that cash still plays a vital part in the lives of many,” said Jeni Mundy, managing director, UK&I at Visa.

“This is why 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.

The scheme will target areas where access to cash has been identified as being more difficult, such as the most remote and rural locations.

In addition, the initiative will also encourage individuals to visit and shop in their local communities, driving footfall and revenue for independent retailers.

“We also hope our scheme will encourage people in the target areas to visit their local shops at a challenging time for retailers,” Mundy, added.

The industry-wide scheme follows a pilot between Visa and Lloyds Banking Group.

“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,” said Vim Maru, group director, retail bank at Lloyds Banking Group.