A new set of rules created by the Financial Conduct Authority (FCA) two months ago to safeguard access to cash for businesses and consumers across the UK has been recognised by cash handling company, Volumatic.
The new rules are intended to ensure individuals and businesses who rely on cash can continue to access it and the outcome has already sparked the creation of 15 new banking hubs across the UK, including one in Scotland, with many more to follow.
These hubs provide shared spaces for consumers to access basic services, such as depositing and withdrawing cash, and are being embraced by businesses keen to support the use of cash, who have been struggling in recent years due to the flurry of bank closures.
While Volumatic welcomes the hubs and similar facilities, it recommends businesses go one step further to make things even easier.
Sales and marketing director, Mike Severs (above left), said: “We’ve known for some time that more and more people are using cash on a daily basis so it’s great that access to cash is being protected by the FCA - something that we and others in the industry have been campaigning for for a long time.
“Both businesses and consumers need to have easy and local access to cash, and these new rules ensure cash usage continues to rise and will encourage more businesses to realise that cash is still an important and valid payment method.”
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