In an increasingly digital world, where card payments and online transactions dominate the market, it's easy to assume that cash is losing its relevance. However, recent statistics from the Post Office prove that cash is still king.
As a leading provider of payment services, allpay Limited recognises the enduring power of cash and is proud to offer a cash solution, providing customers with a convenient way to pay their bills. With our partnerships with the UK's biggest over-the-counter (OTC) payment networks, Post Office, Payzone, and PayPoint, we offer your customers access to over 40,000 outlets and branches nationwide.
Cash Transactions on the Rise
According to recent reports, transactions involving notes and coins experienced an impressive surge last month. The Post Office alone handled a staggering £3.33 billion in cash, reaching an eight-month high. This figure is especially remarkable given the rise of card payments and the closure of community branches by banks. It is clear that cash remains a preferred method of payment for many individuals and businesses alike.
Supporting Local Communities
The Post Office's commitment to providing essential banking services cannot be overstated. With partnerships established with more than 30 banks, building societies, and credit unions, the Post Office enables 99% of bank customers to access their accounts conveniently. In numerous communities, post offices are the sole location where banking services can be accessed. This continued reliance on the Post Office for banking needs reinforces the importance of cash in local economies.
Embracing Convenience and Financial Inclusion
allpay’s mission is to make bill payments as convenient as possible for both businesses and individuals. By partnering with OTC payment networks, allpay are acknowledging that not everyone has access to digital payment methods or bank accounts. With cash payments still holding tremendous value in various sectors, including leisure and hospitality, we aim to bridge the gap and cater to the diverse needs of all customers.
As the demand for cash payments remains high, it is becoming increasingly important for OTC networks to work with companies like allpay to provide sufficient payment opportunities and meet the diverse payment needs of individuals and businesses. By embracing the power of cash, we recognise its continued relevance in our society and strive to provide inclusive payment solutions that cater to all.
Read more about our cash solution here.