Consumers are turning to contactless and digital payments during the coronavirus crisis, says research published by LINK, the UK’s main cash machine network. And almost three quarters (72%) suggest that the coronavirus will affect their future use of cash.
Data from LINK show ATM transaction volumes, on average, have dropped around 60% over the past month when compared to the same period last year.
However, while use is down, consumers are increasing the average value withdrawn, up from around £65 per withdrawal to £82. Around £1 billion is still being withdrawn from LINK ATMs every week through some 11 million cash withdrawals. LINK said that ATM operators are working around the clock to make sure cash machines are working and restocked with cash.
LINK has been undertaking weekly consumer research with YouGov since early March to understand how shopping habits and use of cash has changed. As much of the retail and leisure economy remains closed, the data shows the following:
LINK’s chief executive, John Howells said: “The fact people are using less cash shouldn’t come as a surprise because with cafes, pubs, restaurants and some shops closed, people are travelling less and there are far fewer opportunities to spend in the first place. However, LINK ATMs are still issuing around £1 billion per week to 11 million people. Even if this crisis does lead to less cash use in the longer term, people should be reassured that LINK and its members will continue to ensure good access to all who still rely on it.”
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