The Post Office is making two of its products available to all UK banks, building societies and credit unions, to make it easier for people who are self-isolating to access cash.
The products are Payout Now – a voucher sent by text, email or post to a customer who can share it with a trusted person to withdraw cash; and Fast Pace – a service allowing a customer to arrange for a trusted person to collect a cheque from them, cash it at Post Office and return with the money.
Martin Kearsley, banking director at the Post Office, said: “Being able to easily access cash is a vital service for older people and those self-isolating.
“Our Payout Now and Fast Pace services mean they can access cash quickly and securely to repay someone for a helpful service like shopping, or simply manage their finances, providing peace of mind that cash can be securely sourced with the help of any trusted helper.”
Gareth Shaw, Head of Money at Which?, said: “Millions of people rely on cash every day but many will struggle to access their money during the coronavirus crisis.
“Our research has found a third of people, including those aged 65 and over and vulnerable consumers, have concerns about managing their money digitally, so this initiative will ensure those who rely on cash will not be cut off during this difficult time.
“Initiatives like this also highlight how close to collapse the UK’s cash network is and further drives home the need for swift action to guarantee access to cash over the long-term.”
The Post Office has a UK network of more than 11,500 branches.
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