22 August 2017
Find out more

Christmas brings record UK ATM cash withdrawal figures

06 January 2017  |  6158 views  |  2 ATM

The 23rd of December was an all-time record day for Link cash machine withdrawals in the UK as Brits scrambled to take out £730 million in the lead up to Christmas.

People may be warming to contactless payments but cash is still proving popular, the Link data shows. Nearly £100 million more was withdrawn on the 23rd than on 2015's record day of 24th December.

Overall, people withdrew over £12 billion from more than 70,000 Link ATMs in December 2016, an increase of 3.5% on December 2015.

John Howells, CEO, Link, says: "With this record for ATM withdrawals, it is clear that cash plays a vital part in so many people’s lives, and we fully expect it to do so for many years to come."

Link has been in the news this week in relation to Mastercard's proposed takeover of VocaLink. Vocalink currently supplies the software for the Link ATMs but the Competition and Markets Authority is concerned that there will be a reduced number of bidders to choose from when its service provision is next put out to tender.

The CMA deems that VocaLink and MasterCard are two of just three credible providers - the third being Visa.

Comments: (2)

A Finextra member
A Finextra member | 06 January, 2017, 09:05

The cynic in me thinks it's probably more likely that consumers were fearful of another major crash of the card system before their next major shop and were withdrawing cash as the contingency!

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Melvin Haskins
Melvin Haskins - Haston International Limited - | 06 January, 2017, 09:14

Cash remains a popular payment method, particularly for those who want to control their spending. The doomsayers who preduct the end of cash in the next five to ten years will not like these facts. And we are not even a major cash economy, like Germany.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Watchdog questions Mastercard takeover of VocaLink

Watchdog questions Mastercard takeover of VocaLink

04 January 2017  |  16763 views  |  1 comments | 19 tweets | 18 linkedin
CMA refers Diebold/Wincor merger for in-depth investigation

CMA refers Diebold/Wincor merger for in-depth investigation

30 August 2016  |  4784 views  |  3 comments
Cashless society like a mirage in the desert

Cashless society like a mirage in the desert

01 March 2016  |  11368 views  |  12 comments | 15 tweets | 14 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.eudownload the paper nowvisit www.worldpaymentsreport.com

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11676 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10046 views comments | 22 tweets | 31 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9734 views 0 | 5 tweets | 1 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9444 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9423 views comments | 10 tweets | 8 linkedin