Cash is most widely used payment mechanism in the UK

Link, the British ATM network and transaction switch, has produced a summary of the UK CashMoney in physical form such as banknotes and coins. More & Cash Machines 2016, which presents invaluable information and great inforgraphics on how and where cash is obtain for daily use, as well as forecasts covering the next ten years.

Here are some of the highlights:

• • In 2015, cash was the most commonly used paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More mechanism in the UK
  • Over 17 billion payments were made in cash, 70% more than the second most ferquently used method
  • 61% of cash payments were for a value of £5 or less

• The average value of a cash payment has risen from £10.97 to £14.83 in 2015
• 2.2 million consumers or 4% of all adults rely on cash to make their day-to-day payments
• The number of ATMs reached a record high of 70,270 units in 2015.
• ATM withdrawals decreased by 1.2% to just below 2.8 biilion transactions and £194 billion in value.
• Over £31 billion was withdrawn using other methods, including cahsback, over-the-counter withdrawals, check encashment and passbooks.
• The average ATM withdrawal increased by £2 to a record high of £69.

Documents

• UK Cash & Cash Machines 2016 Summary