The UK appears to be having cash withdrawal symptoms – not because paper banknotes are on their way out – it’s more literal than that as new figures from Link, the cash machine network, reveal that the number of ATMs in the UK reached 70,180 in July, surpassing 70,000 for the first time.
Surpassing the 70,000-mark is yet another concrete piece of evidence suggesting there is still a huge demand for cash, despite the seemingly imminent threats of mobile and contactless methods of payment.
ATM figures from July, also published by Link recently, highlighted the enduring preference for cash in the UK – as the total amount withdrawn from cash machines in July 2015 increased by 4 per cent compared with July 2014 (£11.3 billion in July 2015 versus £10.9 billion in July 2014).
“Despite cards, contactless payments and digital payments becoming ever more popular, our latest figures show that cash still has a very important place in our purses and wallets. In fact, 47 million UK adults, or 92% of us, used the UK’s cash machines last year,” said John Howells, Link CEO.
During 2014 (January to December), the UK’s cash machines, of which over 50,000 are free-to-use, were used 2.8 billion times to withdraw £189 billion.
ATMs that charge its users a fee have also been consistently dropping reflecting the public’s outrage at being charged to withdraw money and the Government’s attitude towards them.
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