STRATEGIC PARTNERS
November 30, 2018
Projections based on year-over-year averages indicate that ATMs and bank branches will disappear from the U.K. in just a little more than 20 years, according to Expert Market, a B2B comparison site for card payment systems.
In a press release, Expert Market cited statistics from the House of Commons showing that ATMs are likely to decline at a rate of 3,600 a year, and will disappear by 2037.
Expert Market additionally cited statistics showing that U.K. consumers made 14.3 billion card payments in 2016, a number projected to grow to 21.9 billion by 2026, as cash payments decline 43 percent.
The group forecast that bank branches will weather the cashless trend longer than ATMs, but will vanish from U.K. high streets by 2041, due to the convenience of mobile banking and the rapid decline of physical stores.
"If the trend towards a cashless society continues at the expected pace, it's more important than ever for people to adapt," Jared Keleher of Expert Market said in the release. "People should get to grips with online banking as soon as possible and businesses should ensure that card machines are available at every store."
