Survey results and a report from the Access to Cash Review are both raising fears that the UK’s ATM networks may be facing extinction. After years of declining use and fewer machines, the current virus crisis is moving more people away from cash, and possibly leaving those who still need it without access.
With more and more use of electronic payments and credit cards, the number of cash machines has been declining sharply, and a larger and larger percent of those that remain are charging fees for withdrawals. Link, the largest operator of fee-free terminals, has said it needs government assistance to keep its network going longer than the next two years.
Access to cash is important especially to low-income Britons and to some older ones who still favor it. The Access to Cash Review found that over 8 million rely mainly on cash. During the current lockdown, cash withdrawals have dropped more than 60%, although some banks have found ways to deliver cash or to allow neighbors to collect. Government pensioners who normally cash paper checks will have their funds delivered in cash by the postal service.
Sweden has also become concerned over a vanisyhing cash network, but for an additional reason as well: security forces have been concerned about what would happen if an enemy or a technical glitch shut off the credit system.
