ATMIA Europe Responds to UK Access To Cash Review

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                                                  PRESS RELEASE

       

                                                                          LONDON: 19 December, 2018

            The ATM Industry Association Broadly Welcomes Part 1 of the Access To Cash Review

            

This morning, the Access To Cash Review released Part 1 of their report.

The document issued has the title “Is Britain Ready To Go Cashless?”

Since the document reveals that 97% of UK residents continue to carry cash and 67% of them still like to pay with cash for small purchases, the answer to the question posed is clearly a resounding NO.

The report goes on to highlight that for 25 Million people in Britain – around half of the adult population – going cashless would present “real challenges.”

Ron Delnevo, Payment Choice Expert and Executive Director for the European ATM Industry Association, broadly welcomes the report.

“The report is 60 pages long, but to distill the important aspects is not difficult. The percentages speak for themselves. The UK public remain heavily committed to cash use and this must surely be respected by all payment market participants, even if cash use is not a perfect fit with their own commercial interests.”

The report highlights Sweden, which has become the poster-child of those who, for whatever reason, would welcome the creation of the first cashless country.

“I have made a very careful study of the Swedish payment market” comments Ron Delnevo “It is clear the Swedish Central Bank – the Riksbank – has in the past allowed commercial interests too much leeway in relation to managing Sweden’s currency. The Riksbank has now seemingly realized this was a mistake and is rightly trying to ensure all Swedish citizens have access to cash for the foreseeable future.”

Focusing too much on Sweden is perhaps in itself an error. It is equally valid to consider the examples provided by, for instance, Italy and Switzerland, where the Central Banks have not allowed any commercial manipulation of cash supply. In both these markets, where the public benefit from unfettered Payment Choice, cash is used for over 70% of retail purchases.

In any event, the ATM Industry Association welcomes the views expressed in the report that careful planning is required to ensure a cashless UK does not appear by “accident”. Natalie Ceeney, the Chair of the Access to Cash Review, sums up the situation nicely when she notes “If Britain sleepwalks into a cashless society, millions will be left behind.”

“It is the next part of the Access To Cash Review findings – due to be released in Q1 2019 –  that will be most interesting” comments Ron Delnevo ” We need to see legal protections put in place to ensure cash is accepted for ALL in-person payments. We also need to see access to cash deposit, recycling and withdrawal facilities in EVERY community around the UK. In most cases, such facilities are likely to be in the shape of the next generation of Smart ATMs.”  

 

 

-End

Ron Delnevo can be contacted for interview at ron.delnevo@atmia.com or on +447973210154 

About the ATM Industry Association (ATMIA):

ATMIA is the leading non-profit trade association representing the entire global ATM industry. ATMIA serves more than 10,000 members from around 650 companies in over 70 countries, spanning the whole ATM ecosphere, including financial institutions, Independent ATM Deployers, equipment manufacturers, transaction processors and a plethora of ATM service and value-added solution providers.

ATMIA has active chapters in the United States, Canada, Europe, Latin America, Asia-Pacific, Asia, Africa, India and the Middle East, focusing on the unique needs and issues of each region.

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