Loomis and Sonect partner for Cash in Shop service

Cash management firm Loomis, has joined forces with Swiss FinTech Sonect to introduce a new service allowing consumers to collect cash directly from shops.

The ‘Cash in Shop’ service will launch in Burslem, Stoke-on-Trent, in March and forms part of the Community Cash Access Pilot scheme that is testing innovations to help ensure the UK public retain free access to cash. The service will then be rolled out across the UK.

Unlike the existing “cash back” offering in shops, which requires a purchase first, Sonect’s “Cash in Shop” service allows the public to choose when and where they collect cash from participating shops, without any requirement to purchase.

Customers using the Sonect App can see which shops have cash available and pre-order it for collection in minutes, free of charge.

The app will also allow customers to have cash provided along with their food deliveries, bringing cash to their doorstep.

The concept has been successfully trialled in Switzerland, and will be the first “Click & Collect” cash service in the UK.

Loomis will provide the cash management and security services.

The 2019 Access to Cash Review found that 17 per cent of the UK population rely on cash, while many millions more simply prefer cash as a payment method.

The partnership comes amid widespread loss of ATMs and bank branches, particularly in rural communities.

Simon Wood, commercial director of Loomis UK, said: “A huge portion of society relies on cash, so we need to keep innovating to ensure we have the infrastructure to support demand. Cash in Shop is a fantastic initiative which matches the needs of consumers and retailers, and will improve the availability of cash in the areas that need it most.”

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