How long will the desire for good old fashioned bank notes last?

Coronavirus and consumerism | The Dojo Blog

Source: Zero Hedge

According to the UK’s largest ATM network, “LINK is committed to protecting free access to cash for as long as consumers want it”.

The question is, how long will the desire for good old fashioned bank notes last?

As this infographic shows, the use of LINK cash machines was down year-on-year in every month of 2019, as noted by the company in their 2020 report:

“The impact of many consumers reducing their cash usage continues to be seen across the LINK network.The number of transactions fell by 12.9% between December 2018 and December 2019.”

Infographic: Cashless society? UK ATM use plummets during the pandemic | Statista

Estimates for the life expectancy of the country’s ATMs will have to be put on hold for now though, as Statista’s Martin Armstrong notes that with the Covid-19 pandemic drastically changing the way we interact with businesses – at least temporarily, and in some ways potentially forever. The lockdown-related closures of premises with an ATM will naturally be remedied once the measures are once and for all retracted, as will the lack of need for cash due to businesses such as bars and restaurants being closed.

The inevitable death of some brick and mortar businesses and the migration of commerce online will be an effect which be be felt for much longer, however. Likewise, the importance of making transactions contactless during the pandemic has led to the increased presence of card readers in establishments which previously only accepted cash – another trend which is unlikely to be reversed once the crisis is over.