With an increasing number of stores now exclusively accepting credit or debit, Britain is increasingly moving towards being a cashless society. In June, debit card payments overtook cash as the most popular payment method in the UK for the first time, and this preference for card over cash has led to a sharp decline in the number of ATMs. With over 394 ATMs closing each month, Brits are looking to other ways to pay, as research by First Bus revealed that one in five never carries cash. This is only set to continue, with Expert Market predicting that ATMs could disappear altogether by 2037 as a cashless society becomes a reality.
Banks close as cashless society sees growing momentum
This follows a sharp decline in the number of bank branches so far this year, with nearly 13,000 bank branch closures occurring in 2018. Although many have embraced the adoption of adopting non-cash payments and technology, those who still require a physical bank may find it increasingly difficult to locate one. A study by Which? found that 19% of the population now lives nearly two miles away from the nearest bank branch. The research showed that Edinburgh has been hit the hardest with over 50 local bank branches closing between 2015-18. Remote areas such as Cornwall and Wiltshire have also been hit hard with over 46 banks branches closing in the past three years. In the capital, Westminster saw 37 bank closures between 2015-2018. Source: Verdict