The Access To Cash Review suggested allowing customers to get cash delivered via the post
…or will we have to get cash in the post?
In its report today, the Access To Cash Review has laid out a series of proposals it believes could help cash survive in the modern world.
Under a proposed guarantee, any local community would be able to bid for better facilities, which would be funded by the banks.
This might be an ATM if there isn’t one within a certain distance or access to cashback from a local convenience store.
Another suggested innovation is to allow customers to get cash delivered via the post.
The report says: ‘Many of us are used to ordering our foreign currency for holidays online and getting it delivered through the post.
‘Some consumer groups suggested that allowing home delivery of cash would save many rural consumers from hours of travel.’
However, accessing cash is just one part of the problem, with increasing numbers of small businesses having to go cashless as a result of rising bank costs and branch closures.
The report also suggests installing automated deposit machines in Post Offices, many of which already accept some cash over the counter.
A number of ATMs in the UK already accept cash and cheque deposits — but only from their own customers. One idea would be to share these facilities.
Alternatively, shops could deposit cash in smart safes so they do not have to visit the bank as often.
For those who still pay their bills using cash, another idea would be to make more of the PayPoint and Payzone services already offered in many local shops.
‘These services help turn convenience stores into service hubs and help people pay bills in cash. They can also offer extra services such as parcel delivery and collection and making and receiving payments [such as cash from benefits or refunds from utilities including electricity bills].
‘All larger service providers should be encouraged to partner with services such as this if they don’t accept cash directly.’
Separately, experts also recommend launching a locker facility similar to one already offered by Amazon. But, instead of collecting and dropping off parcels, you would pick up and leave cash.