The Government have published the Joint Authorities Cash Strategy (JACS) Group update which summarises key trends, risks and actions taken authorities across the cash system, including with regard to COVID-19. It also sets out future actions, including:
- informing the development of legislation to protect access to cash (as announced in the Government’s 2020 Budget)
- conducting qualitative research into acceptance of payment methods by SMEs and the costs related to cash acceptance
- continuing to support widespread access to free ATMs
- working with stakeholders to explore how industry can provide an appropriate and sustainable model of accessing cash and mitigate the impacts of changes to cash infrastructure, for example, through wider use of shared services and initiatives involving local communities, to ensure the cash access needs of consumers and SMEs are being met
Members of the JACS Group also agreed to develop a comprehensive map of access to cash across the UK to inform future work. The PSR and FCA, with the support of data from industry, have now created this map, illustrating levels of coverage across the UK to cash access points.
Over the coming months the BRC will continue to work with HM Treasury, the FCA, PSR and industry to explore how access to cash can be provided in an appropriate and sustainable way to meet consumer and retail needs.