Cashless, cash user or somewhere in between – ten facts that you should know
Issue 519 | 14 August 2023
In the UK most cash is acquired via the LINK Cash Access and ATM Network, this network connects virtually all the UK’s ATMs and provides communities with access to cash through services such as cash at retailers’ tills and Banking Hubs.
Whether you are cashless, an avid user of cash or somewhere in between here’s ten facts that you need to know:
Cash has been in steady decline in recent years as many people have turned to different ways of paying. Back in 2006, cash accounted for 62% of payments. It’s predicted that by 2031 this will be down to just 6%.
But that’s still billions of payments, and the people who rely on cash are often some of the most vulnerable people in society.
Cash Access UK
Weather dampens demand
Daily LINK ATM transaction volumes – consistently less than recent years’ and cool wet weather probably not helping overall activity.
Thursday needs a heatwave
Daily LINK transactions graph showing Thursdays’ over the last four years – this year currently being washed away in the rain, especially when compared to last year when the heatwave was here in the UK.
The volume of ATM transactions has decreased by 30% (pre-COVID)
Weekly LINK ATM Transaction Volumes – for the week ending 30 July the volume of ATM Transactions decreased by 30% when compared to the final week before the first COVID lockdown.
The volume of ATM transactions has decreased by 9% when compared to the equivalent week in 2022
For the week ending 30 July:
The volume of ATM transactions increased by 3% when compared to the previous week.
The volume of ATM transactions decreased by 9% when compared to the equivalent week in 2022.
The volume of ATM transactions decreased by 8% when compared to the equivalent week in 2021.
Last week there were 31 million ATM transactions
Weekly LINK ATM Transaction Volumes and Values – down on previous years – both affected by the rain.
Balance enquiries account for 30% of ATM transactions
June saw ATM transactions continue to track slightly below last year’s at 3.4% down, although the value of cash withdrawn increased by 1.4% on June 2022, at just over £7 billion.
Keep reading with a 7-day free trial
Subscribe to Payments:Unpacked to keep reading this post and get 7 days of free access to the full post archives.