Access to cash may become easier with the help of a scheme enabling people to get money from retailer’ tills without having to buy anything.
Link, Britain’s most popular cash machine network, has completed a 12-month trial and will now offer “cashback without purchasing” across the UK.
By the end of 2013, more than 2,000 stores will have this scheme in place, an increase of roughly 900 places where it’s already available.
All UK PayPoint Terminals are eligible to provide the service.
The scheme allows people to withdraw cash directly from the tills of retailers without having to purchase anything. It will be available in more than 2000 shops by the end.
They will be dominated by convenience stores like the Co-op and Londis as well as smaller-scale retailers such Spar, Spar, Nisa, and Spar.
Link expects that many more places will be available in the future months and years.
Customers must pay for items before they can receive cashback from other cashback options, such as at supermarkets or pubs.
This means that Britons can withdraw money or check balances from smaller shops and not have to pay any fees or buy the item in store.
Shoppers using the service can choose to withdraw any amount from 1p to £50 rather than being restricted to notes dispensed by ATMs.
With LINK’s Cash Locator app and Cash Locator App, shoppers will find the nearest cashback location without having to purchase it.
Link’s move will be welcomed by many at a moment when cash machines that are free to use are declining.
According to Bank of England ATMs account for 90% of cash received by people. The rest comes from branches of banks, Post Office branches and cashback.
The number of ATMs that are free to use has dropped nine percent since the outbreak of the pandemic. It was 45,000, now it is 41,000.
Andrew Hagger, the director and founder of Moneycomms, said, “It’s a great idea and will help people get cash without needing to resort to ATMs which charge a fee. However, this is important for transactions with smaller amounts, as the fees can be significant relative to the amount withdrawn.
“I don’t think it’s an alternative to ATMs. But, I do see it as a supplement service offering cash withdrawals at no cost in new areas.
“As long it’s free, I think it’ll be successful. However, I would hate for it to have a charge later on once it’s established. Hopefully it won’t.
In 2020, just over six percent of payments were still made in cash. According to the Bank of England research, around 2.1 million people use cash for their daily lives.
It was initially tested in stores in Burslem, Staffordshire, Hay-on-Wye, Cambuslang, and Denny, in Scotland.
During the year long trial, more than 24,800 transactions have been made with an average withdrawal size of £27.81.
PayPoint was the first to roll out the service earlier this year.
Chair of Link Consumer Council Tracey Graham stated that protecting access to money is essential for the millions of people who rely on it.
People can now withdraw their coins and notes at their local retailers using ‘Cashback with no purchase.
“We are pleased to see the service expanded across the country. And we will keep looking for new ways to assist people who need cash.