Visa has announced a programme to help rural customers gain access to cash.
In Brief:
Visa will work with partner banks to offer high street retailers in remote locations rewards for offering cash transactions.
This is due to issues in rural areas where bank branches and ATMs have become sparse.
One of the partners involved is Lloyd’s banking group.
What does this mean?
Visa is not the first to recognise this issue: according to Finextra, fellow payments giant Mastercard is planning to roll out a service in April that incentivises retailers to process cashback transactions. Visa might also encourage cashback to be offered without the prerequisite of an instore purchase.
