In an era where cash transactions have dwindled to a mere 12% of all payments in the UK, a transformative initiative is reshaping the landscape for some of the most vulnerable members of society. Big Issue vendors, who rely on street sales of magazines to earn a living, often face significant hurdles in a cashless economy where customers increasingly prefer digital payments. A groundbreaking partnership between Big Issue, a social enterprise dedicated to supporting those in need, and fumopay, an innovative open banking payment provider, has introduced a solution that tackles these challenges head-on. This collaboration offers vendors a way to accept payments without the need for cash, ensuring they don’t miss out on sales from a growing number of customers who no longer carry physical money. By embracing cutting-edge technology, this initiative not only boosts vendors’ earning potential but also fosters a sense of inclusion in a rapidly digitizing world, paving the way for broader societal impact.
Bridging the Digital Divide with Innovative Solutions
The shift to a cashless society has posed unique obstacles for Big Issue vendors, many of whom lack access to the tools needed for digital transactions. The fumopay pilot program addresses this gap by providing a simple yet effective payment method through QR codes, which allows vendors to receive instant payments directly from customers’ bank accounts. Unlike traditional card readers that require charging and often delay payouts by several days, this system operates without the need for WiFi or complex hardware, making it highly practical for street vendors. Complementing this, Big Issue’s existing efforts, such as their partnership with giffgaff to supply smartphones and digital training, have already laid a foundation for tech adoption. The fumopay solution particularly benefits newer vendors who may not yet have access to such devices, offering an immediate way to engage with a cashless customer base. Feedback from participants highlights increased confidence in handling digital payments and a noticeable uptick in magazine sales, demonstrating the tangible benefits of this technology in empowering vendors to thrive.
Scaling Impact Through Collaboration and Recognition
The partnership between Big Issue and fumopay has garnered attention for its role in advancing financial and digital inclusion, earning a spot as a finalist in a prestigious industry awards category focused on using open banking for social good. Leaders from both organizations have emphasized the importance of tailoring technology to meet vendors’ real-world needs, with Catherine Parsons of Big Issue noting the enhanced control and security this dual approach provides, alongside Kevin Ludford of fumopay underscoring the simplicity of the payment process. A vendor based in London shared how instant payments have transformed their ability to retain customers in a cash-scarce environment, providing faster access to earnings. Looking ahead, Big Issue plans to expand fumopay’s open banking solution across their wider vendor network, a move that signals a commitment to scaling this impact. This initiative has already shown that accessible technology can bridge critical gaps, ensuring marginalized groups are not left behind as society moves further from cash reliance, and it sets a precedent for future innovations in social enterprise.
