New Payment Council reports shows that cash still dominates
The Payments Council has released its UK Cash & Cash Machines 2014 report.
Published in conjunction with Cash Services and LINK ATM Scheme, it includes statistics on how, where and how frequently we get our cash, as well as forecasts for how cash use will change over the next ten years.
In releasing the report, the Payments Council is careful to state –
"Figures from the Payments Council comprise of and analyse industry wide statistics and annual market research with a nationally-representative group of consumers. Therefore their statistics may differ from statistics recently published by the British Retail Consortium, who only consider retail spending data provided by its members."
The report is not freely available but here are the headlines from their press release;
- 52% of all payments made by cash in 2013
- Number of free-to-use ATMs at all time high
- On average £6,083 withdrawn per second at ATMs in 2013
The UK Cash & Cash Machines 2014 confirms the strong role cash continues to play in our society.
Although cash usage levels are down from last year, there has been little change over the past five years with cash remaining as popular as ever amongst consumers.
Part of the reason for this may be that people have been using cash to help them monitor their day-to-day spending – helping them budget effectively during the economic downturn of the past few years.
Cash remains our most commonly used payment method and last year 20 billion cash payments were made, representing 52% of all payments in the UK. That amounted to a total of £260bn.
The ATM remains the most popular method for us to get hold of our cash. At the end of 2013 not only were there more ATMs than ever before, but never have so many of them been free to use.
At the end of the year there were 67,963 ATMs (up 2.8% on 2012), and 48,012 of those were free to use (an increase of 4.2% since 2012.) 98% of the total number of withdrawals were made from free to use ATMs, an increase of 1%.
On average we withdrew £66 per visit. The increase follows continued industry efforts to install ATMs in deprived areas and actively increase the number of free-to-use-ATMs.