Cash Dispensing and Payment Methods
The question
To ask the Chancellor of the Exchequer, whether her Department is taking steps to help promote (a) payment choice and (b) access to cash.
Answered by Emma Reynolds
It is for individual businesses to decide on the forms of payment it chooses to accept. This decision will be based on a variety of factors, including cost and the needs and preferences of their customers.
However, the Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups. Furthermore, the Government recognises that businesses need access to cash deposit services in order to continue accepting cash. As such the Government is committed to maintaining the viability of cash as a payment method for those who need it.
The Financial Conduct Authority is responsible for protecting access to cash. In September 2024, it introduced new rules which require the UK’s largest banks and building societies to assess the impact of a closure of a relevant cash withdrawal or deposit facility and put in place a new service if necessary.
LINK, the operator of the UK’s largest ATM network, are responsible for undertaking these assessments. Further information can be found here: https://www.link.co.uk/helping-you-access-cash/request-access-to-cash
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