Today (9 March 2020) LINK, the company that operates the UK’s ATM network, released the weekly statistics for ATM based cash withdrawals.
When comparing week ending 8 March with the equivalent week in 2019, LINKS own data shows that there were 6,300,000 fewer ATM withdrawals during the 7 day period.
Over six million fewer transactions over a seven day period!
LINK faithfully publish weekly and monthly data and on each occasion we are seeing a significant reduction in cash withdrawals. This is not a blip.
Although some ATM cash withdrawals will have moved to Debit Card ‘cash back’ at retailers it is clear that the transition from cash to cashless payment choices is playing a significant part in changing how we pay for things.
In a week when the Chancellor might announce measures to protect the availability of access to physical cash we must not lose sight of the need to ensure that digital payment options are inclusive, accessible and equitable for all in society.
Without this those who solely rely on cash will be left behind.
We must not just preserve cash for cash sake – digital payment choices for all would be a much better societal outcome.