The UK's disappearing ATMs
The disappearance of free ATMs across UK towns and villages should come as a surprise to no one.
While consumers may be frustrated, banks, FinTechs and large technology players have been developing alternative ways to access and spend money which should end up making the process easier. You only have to look at Facebook’s recent move into peer-to-peer payments to see even companies not traditionally associated with finance are helping to make it more convenient to send and receive money.
Today, the UK is only at the start of its journey away from cash, but there are some great success stories across the world. From Sweden’s mobile payments network, with just 1% of all national transactions now via cash; to China and its dependence on social channels and QR codes, with even the homeless asking for donations via digital wallets – cash is no longer king. Only time will tell, but this move away from free ATMs may be the gentle nudge consumers need to embrace new payment technology.