Post Office urges retailers to keep cash payment options open for customers

Detailed summary

If cash usage is being encouraged, so should its acceptance, the Post Office’s head of banking said.

The Post Office, which commissioned the research, warned of a potential resilience gap if digital payments fail.

The UK retailers surveyed reported an average of three payment disruptions in the last year.

The Post Office said that, to support business resilience, it has published guidance to help retailers plan for payment disruptions.

Ben Hunter Woollard, head of banking at the Post Office, said: “A payment outage can disrupt trading in seconds, resulting in customers being turned away and sales lost.

“Cash has helped many retailers continue trading during recent disruptions, but it is rarely included in formal contingency plans.

“With the Government encouraging households to keep some cash available for emergencies, retailers should also consider how they will keep serving customers if digital payments go down in emergencies.

There have been signs of households stocking up on essentials following the launch of the Government’s Be Ready campaign.

On Tuesday, tinned tuna maker Princes revealed a surge in demand for canned food.

ATM and cash access network Link also said last week was the first time this year that the overall value of cash machine withdrawals increased annually.

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