Consumers and businesses will have legal rights to withdraw and deposit cash internally. "reasonable distance" from their home or place under the government plan
The long-awaited offer is designed to ensure that SLOTXO banknotes and coins remain available to those in need.Research has shown that cash is still a necessity for at least eight million people.Campaigners fear some retailers may stop accepting cash if the process becomes too cumbersome.
Small businesses, in particular, were affected by bank branch closures. The next journey to deposit takes time and money.The proportion of cash purchases has declined in recent years. and accelerated during the COVID crisis
The number of banknotes and coin payments fell 35% last year, according to a report by UK Finance, the bank's trading arm. This reflects a reduced chance of paying for things. during lockdownstill accounted for 17% of all payments. This makes it the second most popular payment method after debit cards.