Visa launches scheme to enhance access to cash in rural areas
Rural cashback – “red in tooth and claw”!!
Visa has launched an industry-wide ‘access to cash’ scheme with its partner banks to encourage retailers to offer cashback.
The new initiative specifically targets areas in the UK where consumers currently struggle to access cash, such as remote and rural locations. Additionally, it will incentivise shops and businesses to offer cashback to consumers using their Visa debit cards.
Jeni Mundy, Visa Managing Director, UK & Ireland, said: “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.
“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. We also hope our scheme will encourage people in the target areas to visit their local shops at a challenging time for retailers.”
The scheme aims to increase the number of locations where cashback is offered. Cashback has been available in the UK since 1990, however, Visa has seen transaction volume declining in recent years.