Sonect: Italy Scores Again in Lottery Terminal Revolution – Free Access to Cash Solution Is Ready and Primed for the UK
- New solution will make lottery retailers the UK public’s number one choice for guaranteed free access to cash – 95% of the UK population live within one mile of a lottery terminal
- Sonect’s deal with Lottomatica and BNL Bank in Italy will enable 35,000 Italian lottery terminals to go live this year with cash withdrawals
- The new UK National Lottery licence award can see a FinTech lottery terminal revolution when the fourth licence begins in 2023
LONDON–(BUSINESS WIRE)–Italy has scored again with a new access to cash solution for all Italians, a solution which can be readily implemented in the UK to guarantee free access to cash nationwide. Under its contract, financial platform specialist Sonect will enable 35,000 Lottomatica lottery terminals across Italy to act as ATMs, allowing customers convenient local access to cash.
With 95% of the UK population living within one mile of a lottery terminal, Sonect is confident that this technology can provide a simple solution to the access to cash crisis in the UK. It would also increase customer footfall at many community shops and make lottery retailers the public’s number one choice for withdrawing cash freely, simply and locally.
With research1 showing that over 4,000 bank branches have closed since the start of 2015, and with over 500 closures since the pandemic began, along with ATMs2 reducing from a peak of around 71,000 in 2015 to 54,000 in 2020, convenient access to cash has been on a steep decline. Yet a recent report3 revealed that only 26% of Britons want a so-called ‘cashless society’ and over 40 million UK adults still use cash.
The UK government has committed to guaranteeing access to cash and the innovation proposed by Sonect will allow this promise to be made good. Swiss-based Sonect already has a track-record in the UK, having been the only overseas company chosen to participate in the Community Access to Cash Pilots. As a result, Sonect’s new pilot cash scheme in Burslem and Tunstall, Stoke-on-Trent, has seen hundreds of local residents signing up to a ‘click & collect’ cash service in just two full months of operation.
In these towns, both public and retailers are already enjoying the convenience of cash circulating locally free of charge thanks to the Sonect app. It allows residents to pick up money from a range of participating stores – providing convenient community access to cash, while starting to help reduce the carbon footprint of cash recirculation.
95% of the UK population currently live within one mile of a lottery terminal. The new fleet of leading-edge terminals, to be installed during the fourth National Lottery licence period, can aid the development and adoption of FinTech solutions which provide valuable community services.
Comments Ron Delnevo, UK Director, Sonect: “In the UK we’re under-utilising the potential of modern lottery terminals to provide a wide-range of services to customers of community retailers. The terminals can become a vital convenient local touch-point for access to cash and other services the public have a right to expect on their door steps.”
“This is far too good an opportunity to waste. With the new National Lottery licence award coming soon, now is the time to ensure that there is lottery terminal revolution when the fourth licence begins in 2023.
“Around 45,000 brand new terminals will need to be installed under the terms of the licence to be granted by the UK government. We really need to seize this technical innovation opportunity in the UK to support all the local needs of the public and the retailers who serve them and, critically, to solve the huge access to cash crisis.”
Richard Mason, who operates a Spar store in Burslem, commented “The Sonect solution of transforming a lottery terminal into my shop’s ATM sounds ideal. It would enable me to offer customers cash free of charge, at the same time as buying their lottery tickets and picking up any other purchases they want. This is especially important after so many local bank branches and ATMs have closed, making access to cash far more difficult, time-consuming and costly. It would be a win-win for Spar and the local community.” `
Adds Tony Riaz, who runs a One Stop in Burslem: “This lottery terminal solution sounds like a ‘no brainer’ to me – I already know my customers would love the speed and convenience of getting some cash at the same time as their lottery tickets. A simple idea like this would be perfect for guaranteeing a free access to cash solution in the UK.”
ENDS
Sources:
- Telegraph, Which?
- Bank branch and ATM statistics House of Commons Library
- Money Transfers report 2021, The Countries Most Likely to Support a Cashless Society
About Sonect
Founded in 2016, Sonect AG is a Zurich-based Fintech and employs over 30 people, primarily in Switzerland, Italy and the UK. The company provides a platform that makes financial services easily accessible for anyone, anywhere. Through Sonect, every till becomes a virtual ATM, and thanks to the Sonect app, cash withdrawals are simpler, faster and more cost-efficient. With over 2,300 partner stores, Sonect already operates one of the largest ATM networks in Switzerland. For more information visit www.sonect.net
Contacts
Chris Rowland, Tala
M: 07983 342567
E: [email protected]
