Hole in the wall use reaches record levels

| March 19, 2012 | 0 Comments
Cash machine use reaches record levels

The use of ATMs (automated teller machines) increased to record levels last year according to the latest figures from the Payments Council.

UK customers made 2.87 billion transactions at ‘hole in the wall’ machines during the year, accounting for total withdrawals of £191 billion, an average of £67 per visit.

The represented the highest value of withdrawals at ATMs, as well as the greatest frequency, since 2008.

The increase was attributed partly to the greater availability of ATMs which dispense £5 notes and also to a 64,369 increase in the number of ATMs in the Link network.

Members of Link, the UK’s cash machine network, include all the UK’s significant debit and ATM card issuers, and the vast majority of ATMs in the UK are part of the network.

The Payments Council also reported a 12 per cent decline in the use of cheques in 2011, compare with 2010.

In 2010, 776 million cheques were cleared, but this number fell to 682 million last year.

While the use of cheques declined, more transfers of money were made through the Faster Payments system.

With the long-established BACS s system, it took around three working days for funds to leave one person’s account and enter the recipient’s account.

Under the Faster Payments system, the funds are usually transferred by the end of the next working day.

Last month, the Payments Council announced that an industry-wide mobile payments service will be available this year.

The system, which will make sending cash via mobile phone as easy as texting, will be available on internet-connected smartphones, on any mobile network and with any bank or building society.

When customers register for the service, their mobile number and bank account number will be linked on a central database.

The system will allow customers to send payments without having to reveal their bank account details to the person or firm they are paying.

Tags: , BACs, , , Faster Payments, hole in the wall, Link

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