Cash is king for consumers
Article Date: Jun 25 2009
ATM withdrawals are rising
More money was withdrawn from cash machines in May than in any other month since records began, according to LINK, the operator of the UK’s ATM network.
There were some 255 million LINK transactions, 3.7 million more than the previous record set in May 2008, while £10 billion was withdrawn, narrowly beating December 2008’s peak.
Graham Mott, head of development at the LINK ATM scheme, says that consumers are drawn towards cash in recessions.
He adds, ‘Some people find it easier to budget using cash, while others are being forced to use cash because other payment methods such as credit cards are no longer available to them.’
Mott says that LINK transactions, in which customers withdraw money from a bank other than their own, account for more than half of total ATM transactions.
He concludes, ‘Businesses should make sure they are taking cash. Customer convenience is key and you can’t force customers down a certain payment route.’
The busiest day ever at UK cash machines was 1 May, with 11.9 million transactions including balance enquiries.
