Cash usage halves in the UK due to coronavirus

By Aisling Finn on Thursday 26 March 2020

Digital Banking

Could this be the final push towards a fully cashless society?

Cash usage halves in the UK due to coronavirus
Image source: Photo by Nick Pampoukidis on Unsplash

 

Figures published by LINK, who operate the majority of the UK’s cash machines, show that in the last few days alone the use of ATMs and cash has, unsurprisingly, fallen by around 50 per cent.

Following the sharp reduction in ATM and cash usage, the company also predicts that usage will fall even further as the country is placed under lockdown.

This dramatic decrease comes just a few weeks after the World Health Organisation urged people to use contactless following the revelation the virus could live on banknotes for several days.

Similarly, it was announced earlier this week that the contactless limit would be increased from £30 per transaction to £45 on 1 April 2020 to further combat the spread of the virus.

LINK has also said that the company has smoothly transitioned into remote working and is committed to ensuring people can still access cash throughout the coronavirus pandemic.

John Howells, CEO of LINK, said: “These are difficult and challenging times, but I would like to reassure everyone that LINK remains as committed as ever to ensuring people can continue to access their cash.” 

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