The UK’s ATM network, Link has reported that cashwithdrawals at Christmas 2014 were significantly higher than the year beforemaking a new record in the process. According to the network, £662 million ($1billion) was dispensed by ATMs on 24 December 2014, with an average withdrawalof £82 ($124). The new record represents a 22% increase over the year prior andfalls in line with increases across 2014.
John Howells, CEO of the LINK ATM Scheme commented on theresults saying, “ATMs are going from strength to strength as cash remains avital part of so many people’s lives. The industry continues to invest in cash as a payment method, with moreATMs and continued innovation, for example, the new polymer bank notesannounced by the Bank of England. It’s reassuring to see this time-testedpayment method stand its ground, and I’m excited to see what the future willhold as we move into 2015.”
With over 69,000 ATMs in the UK, cash clearly remains asignificant and popular payment instrument among British consumers. Whilereports out of the UK continually demonstrate that card use is growing month bymonth, the results of the Link network demonstrates that cash will always havea role to play in the economy no matter how card mature the UK becomes.
Overview by Tristan Hugo-Webb, Associate Director, International Advisory Service for Mercator Advisory Group
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