Cash Still Proving Popular

Latest figures show 50 million transactions are made every day using coins and notes, accounting for around 52% of all payments.

£189 billion was withdrawn from cash machines last year, while the number of free-to-use ATMs jumped by 5.2%, bringing the total to over 50, 000 for the first time. The next most popular payment method is the debit card, which had a 26% share  of all consumer payments made last year. Reflecting consumers’ continued reliance and preference for cash in many situations, the number of cash machines across the country has also increased, rising from 67,963 at the end of 2013 to total 69,382 at the end of 2014. 
 
David Hensley, Director of Cash Services, commented: “Cash remains a vital part of our day-to-day lives and is still the most attractive or only option in lots of situations. We continue to value notes and coins so highly for their familiarity and widespread acceptance.
 
“Cash has a bright future in the UK, as we take forward plans to roll out polymer notes and adopt a new £1 coin.”
 
Graham Mott, Head of Development at LINK, commented:
 
“The number of cash machines continued to grow during last year – a reflection of the integral role cash plays in the modern economy. In fact, nine out of ten of us withdrew money from a cash machine in 2014.
 
“Cash machine numbers are now at a record high and LINK is committed to continuing to make sure everybody has safe, reliable and easy access to their cash.”