ATM trade organisation, ATMIA, has rushed to
rubbish claims that cash is on the decline in the UK, stating the
Payments Council Q3 2010 report uses “unscientific anti-cash
rhetoric” and underestimates cash usage.
Ron Delnevo, European chairman of ATMIA and
managing director of ATM operator Bank Machine cites unnamed
industry experts who suggest the cash figure in the UK is
understated by up to 20% or 30% and claim this gap is growing. He
undermines the Payment Council’s Q3 2010 by claiming more accurate
figures would have included this discrepancy.
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Delnevo goes on to say Bank Machine has seen a
10% increase in cash withdrawals this year and as such has seen “no
evidence of cash losing its popularity.” The ATM operator will
continue with the installation of its £5-only ATMs in which Delnevo
claims many are doubling in their usual amounts of
transactions.
“Put simply, the published figures understate
cash usage,” said Delnevo.
“Whilst every card transaction is of course
recorded, the same is not true of every cash transaction. As usual,
those who would benefit from a plastic-only society are pointing to
a so-called decline and cite this as the first step towards a
cashless society. The real facts are that this is neither
true, nor desired by the British public”.
Flora Hamilton, executive director of ATMIA
Europe, has said cash enjoyed a bounce-back during the recession so
the trend of a decline in cash usage could be viewed as an
indicator as a return to normalcy. She also cites UK ATM
operator LINK’s announcement back in April this year that the
highest level of cash was withdrawn in the UK’s history and claims
a decline seen in one quarter is “hardly the long-term decline in
cash the UK Payments Council would have us believe.”
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By GlobalData“The statement by UK Payments Council issued
to accompany the findings of its Statistical Report Q3 2010 uses
unscientific anti-cash rhetoric rather than trying to present a
contextualised argument to fully explain its statistics,” said
Hamilton.
“This year’s campaign by the Bank of England
to increase the quantity and quality of £5 notes in circulation via
ATMs gives real weight to the vital role that cash provides in UK
society today. The people of Britain love £5 notes, just as they
love the feel of cash in hand, especially when it is fee-free to
use as a payment method.”
