Post Office handles record amount of cash

Published On Sep 1, 2024, 4:19 AM

The Post Office reported a record cash handling of over £3.7 billion in July 2023, surpassing previous records set earlier in the year. This increase in cash transactions comes amid a decline in the number of traditional bank branches, with more than 6,000 closures since 2015. In response, banking hubs are being introduced, but they offer limited services compared to traditional banks. Although the Post Office faced challenges from the Horizon IT scandal, it remains a vital service for the public, with around 10 million visits weekly, especially for those who prefer cash for budgeting purposes.

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The increase in cash transactions through the Post Office reflects a growing trend as consumers express a preference for handling cash in light of bank branch closures. This could indicate potential for growth in sectors related to alternative banking and cash handling services. Consider investing in financial companies that are adapting to these changes or in ETFs focused on banking and finance.

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Post Office handles record amount of cash

Sep 1, 2024, 4:19 AM

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