These past few years have seen an increase in the number of
alternative payment methods such as contactless cards. As such, the number of ATM transactions has decreased on
average around 10% year-on-year. This got worse during the first national
lockdown. This period saw operations fall by 68%.
Indeed, the coronavirus has had a huge impact on ATM use. In
2019, £116bn was withdrawn from cash
machines. In 2021, this number fell by 30% to reach £81bn. Additionally,
consumers visited these machines less frequently. Overall, each adult withdrew
around £660 less last year. What prompted this change in behaviour? One of the
reasons behind this decrease could be the temporary closure of the
Automated-Teller Machines for social distancing purposes. Moreover, these are
no longer operating in places such as cinemas and pubs. They are also closed
due to government restrictions.
According to John Howells, the CEO of LINK, “The sharp
decline in ATM
use brings significant problems. Cash machines are by far the most popular way
of accessing cash, yet a 37% year-on-year drop in transactions places enormous
strain on the cash infrastructure”. Millions of people still rely on fiduciary
money and they are unable to use digital services. Nonetheless, the
government is introducing new projects for these individuals.
Fewer people are using ATMs © Royalty-free image
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