Lloyds and Visa recruit cashback retailers

Lloyds Bank has joined forces with Visa to sign up 500 retailers who can offer cashback services to communities poorly served by ATMs.

“The pandemic has seen a rapid increase in card and online payments, but cash still plays an important role for many people and small businesses,” said Lloyds.

Lloyds will offer a financial incentive for retailers and businesses in identified locations, from corner shops to pubs and pharmacies, to offer cashback to all of their customers.

“As the country begins to navigate its way out of lockdown, the initiative will also help to test the level of cash demand and usage as customer behaviour continues to change, and allow us to analyse the future potential for cashback in otherwise under-served communities,” Lloyds said.

Jeni Mundy, managing director for the UK and Ireland at Visa, said: “While the adoption of digital payment solutions by consumers and retailers has accelerated in the UK this year, some consumers need greater choice.

“Cashback is one of a number of solutions that enables access to cash across the UK and ensures that everyone can pay with ease.”

Philip Robinson, director of PCA and payments at Lloyds Bank, added: “We want to work with retailers in communities where we know cashback can be a quick and efficient way to retain free access to cash.

“Initiatives such as this will help us understand more about changing customer behaviour so we can work with our partners to safeguard access to cash for those who continue to rely on it.”

The plan follows Lloyds' support for the Community Access to Cash Pilot, a fund which has allowed communities to bid for help to improve cash access in their area.

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