The UK can set a global benchmark to safeguard access to cash
– The ICA confirms its submission to UKs Access to Cash Consultation
PRESS RELEASE – September 24, 2021
The International Currency Association, representing the voice of the world’s currency sector, has confirmed its submission to the UK Treasury’s Consultation on Access to Cash.
The consultation seeks views on the UK government’s legislative proposals for protecting access to cash, including the proposal that geographic requirements be set to ensure the provision of withdrawal and deposit facilities to meet the cash needs of its citizens.
The ICA’s submission provides important validation for a multi-dimensional approach to promote access to cash. This includes a focus on increasing 24/7 access to cash and access to cash without having to travel, increasing mobile cash facilities, and increasing cashback payment possibilities which the UK government legislated for as part of the recent Financial Services Act 2021.
Leveraging insights from its global membership base, the ICA’s submission showcased examples of innovations and solutions aimed at enhancing and protecting access to cash which have been implemented around the world including in the United States, Sri Lanka, India, The Middle East as well as within the UK itself. The ICA’s submission also cites the crucial factors for maintaining cash acceptance, including mandating it legally.
ICA Director General Jutta Buyse commented, “This consultation is a significant opportunity for the government to take measures to protect the cash infrastructure in the UK, to ensure that cash continues to be a viable payments option for the long term. Ultimately, the supply and the demand for cash go hand in hand, and access to it is essential for it to play its role as a public good.”
Commenting further, Buyse says: “The ICA, through its global membership, is uniquely placed to draw on the knowledge and insights of its members to provide evidence of successful ways in which access to cash is being protected in other countries around the world. We look forward to seeing the final outputs of these efforts and hope that progress in the UK will set a global benchmark for governments around the world to pursue.”
ICAs submission can be found on the ICA website
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