Dec 29, 2020

Post Office leads drive to preserve UK access to cash with banking hubs

The Post Office is spearheading a push to address the demise of high street bank branches across the UK by trialling "Banking hubs" to help preserve access to cash for millions of people and small businesses. Martin Kearsley, Post Office banking director, said the joint branches initiative would help make banking as important to the company as its traditional mail and parcel business. The Post Office is hoping the new "Banking hubs" will eventually spread across the country, but it will have to convince sceptical bankers to support a wider rollout after contentious contract negotiations last year soured relations. Hay is one of the other six UK towns chosen to pilot the other CACP measures, which include making it easier for shops and pubs to offer cashback, improving digital education to encourage online banking, and putting an automatic deposit machine for small businesses in the Post Office. "I do think Post Offices have a very useful role to play for the future, particularly in smaller, rural locations . . . but can the banks afford to just leave it to the Post Office to scale up and still charge them an acceptable fee?".

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