UK, Sweden plan to protect cash; Canada loves contactless pay | PaymentsSource

The closures will be spread among the holding company’s brands, including 128 Lloyds branches, 119 at Halifax and 45 Bank of Scotland branches, according to Yahoo UK  and other local news sources.

Branch closures are a controversial subject in the U.K., with politicians and government agencies regularly pressuring banks to maintain in-person access for cash-dependent consumers and small businesses.

In the U.K., the Financial Conduct Authority is requiring banks to ensure cash access and to “understand” if cash services need to be expanded when other changes are made to local services. Banks are also required to respond to local residents and consumer groups inquiring about cash access.

“Three million people continue to rely on cash, even as digital payments become more popular. And many small businesses still need somewhere to safely deposit their takings each day,” said Sheldon Mills, executive director of consumers and competition at the FCA, in a release.

The FCA  has also issued guidance that requires banks and building societies to assess how closing branches or reducing hours will impact service. To maintain access to cash, the U.K.’s Link ATM network has developed a model called pooling that enables machines to accept deposits from multiple banks. —John Adams