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.
