Volumatic’s white paper and survey findings now a step closer following the Queen’s Speech
Top of the agenda at the annual State Opening of Parliament with the Queen’s Speech were measures to help the current cost of living crisis facing UK consumers right now. Also included was the proposal of a new Financial Services and Markets Bill which stated the government’s intention to introduce a new law that protects consumer access to cash across the UK – something the experts in efficient cash handling, Volumatic, has been campaigning for over recent years.
This new legislation means that banks will have to retain their high street branches and provide cash machines so that people can access both cash withdrawal and cash deposit facilities and should ensure that the country’s cash infrastructure is sustainable for the foreseeable future.
Sales & Marketing Director at Volumatic, Mike Severs said: “This news, that new legislation to protect access to cash is on the way, is welcome to both businesses and consumers alike.
“With the increase in cash usage by consumers becoming more prevalent since Covid restrictions were relaxed, businesses should also now be recognising the importance of cash in helping them make a post-pandemic recovery – as recommended our ‘Consumers Demand Payment Choice’ white paper, published in late 2020.”
Findings in Volumatic’s white paper highlight that consumers demand payment choice. While digital payments are increasing, cash is still the second most popular payment method. Access to cash is becoming harder for many people with the closure of local banks – almost 200 closures have already been announced in 2022, out of a remaining network of less than 7,000 – and in rural areas it is particularly difficult. Finally, a large proportion of the UK (1 in 5 people, according to a recent survey by ATM operator LINK) are reliant on cash and would struggle if the UK was to become a cashless society.
Severs added: “Cash remains an important payment method for over 10 million people across the UK, particularly those in the elderly and vulnerable groups, who often largely rely on cash, and this new Bill shows the Government is committed to preserving it.
“Our ongoing research and white paper recommended what the industry needs to do to help businesses to maintain cash use and provide access to cash for consumers and it’s great to see that the government is finally recognising the importance of this.
“We can help any business who wants to accept cash with our industry-leading cash handling solutions, which can provide extra security, cost savings and processing efficiencies. We eagerly anticipate the positive changes we hope this Bill will bring to ensuring the future of cash and look forward to helping more businesses find a solution to their cash handling requirements.”
Using innovative cash-handling solutions like the Volumatic CounterCache intelligent (CCi), supports businesses in being able to accept and process cash in an efficient and cost-effective way.