Lloyds Banking Group in partnership with Visa has announced a new pilot scheme designed to boost access to cash, which will see local retailers paid to offer cashback to customers in their stores.
Lloyds scheme to boost retailers offering cashback
Currently business owners do not receive a fee when providing cashback to their customers. The new fee will offer more support to retailers and increase the number of places where people can withdraw their money.
This is not a substitute for ATMs or branches. The scheme is aimed at creating more availability where access to cash is challenging and customers will still have the choice to pay with their cards and mobile devices as they do today.
The cashback incentive will target areas of the UK where access to cash has been identified as being more difficult, such as rural or less-affluent areas which often rely on a very small number of ATMs.
It’s hoped that the initiative will also give customers more reasons to visit local shops at a time of unprecedented challenges for British high streets.
“Our new cashback pilot, in partnership with Visa, aims to increase the number of places where people can withdraw their money, particularly in those areas which are currently under-served by free-to-use ATMs where a customer’s access to cash may be more vulnerable,” says Vim Maru, Group Director Retail, Lloyds Banking Group.
“The unlocked potential of cashback is obvious, as there are literally tens of thousands of local shops up and down our high streets that already have all the infrastructure in place to offer this service. We need to make it more viable for them to offer cashback to all customers, whether making a purchase or not.”
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