The Payments Council today has published two reports Access to cash: qualitative research and Access to cash: quantitative research which review consumer and business satisfaction with access to cash. This research forms the first phase of a Payments Council project. The next step will be to identify whether any improvements can be made.
The quantitative survey looked at the overall picture and covered consumers and small and medium-sized businesses (SMEs). It found the substantial majority of consumers (81%) said it was very easy for them to get the cash that they need. There were also high levels of satisfaction among those who get cash using cash machines, counters or cashback.
For many, access to cash has improved in recent years. Compared to three years ago, 24% of consumers think that it is easier for them to get cash now and 71% think that it is about the same. Only 2% think that it has become harder to get the cash that they need.
SMEs generally reported low cash use but most users have no real issues withdrawing it.
Adrian Kamellard, Payments Council chief executive, says:
“It’s encouraging that the substantial majority of consumers and businesses are able to get cash easily, but the Payments Council’s focus is on those who have reported difficulties – particularly as these customers are often those most dependent on cash to help them manage on a tight budget. Using what we’ve learnt from this research over the next year we’ll be looking to identify any practical steps to deliver improvements for them.”
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.