EVENT: The Future of the UK’s Cash Machine Network
- LINK, Which?, Nicky Morgan MP (Chair, Treasury Select Committee), Cardtronics (ATM Operator)
- 3.30pm-5pm, Monday 26th February, Committee Room 10, House of Commons
- To register please email dominic.lindley@newcityagenda.co.uk
New City Agenda are delighted to invite you to “The Future of the UK’s Cash Machine Network” with LINK, Which? and Rt Hon Nicky Morgan MP (Chair, Treasury Select Committee)
The UK currently has 70,000 cash machines of which 55,000 are free-to-use. Some predict that the rise of contactless cards, mobile payments and online shopping will lead to the decline of the use of cash to make payments and that in 30 years using cash will seem as old as the horse and cart. But 2.7 million people rely on cash to make payments with older consumers and those on a low-income more likely to do so. Banks have closed over 1,500 branches over the past 3 years, increasing the importance of consumers being able to access free-to-use cash machines. Cash use for payments by consumers has also declined by 40% in the last decade, and ATM usage is declining.
LINK, the organisation which sets the rules for the UK cash machine network, has proposed changes to the way the free cash machine network is funded. This will reduce the amount that banks pay cash machine operators when consumers make cash withdrawals. LINK says that it will also make the network more sustainable in the face of declining consumer usage.
Consumer groups and politicians have sought assurances that widespread access to free cash withdrawals will be maintained. LINK has responded that this will be the case and added that the changes will not apply to the 2,000 free-to-use cash machines which are more than 1km away from another machine. It is expected to announce its final package of reforms by 31st January.
The decline of cash and the proposed reforms raise a number of questions:
- What should be the long-term future of the UK’s free cash machine network?
- What principles should drive reform of the system?
- How can we ensure that we maintain access to free cash withdrawals and promote financial inclusion?
- What should be the role of the new Payment Systems Regulator?
At the event LINK will outline the results of their consultation, followed by reaction from a Panel including Which, Nicky Morgan MP and Duncan Faithfull (Cardtronics – Independent ATM Operator).
Do join us for what we expect to be an insightful event. Please could you confirm your attendance by emailing dominic.lindley@newcityagenda.co.uk
