2 PAYMENT METHOD PROFILES: CASH
Case Studies
Case Study: The United Kingdom Like many countries, the U.K. has seen a significant decrease in cash spending volumes in recent years, accelerated by the COVID-19 pandemic. The 2024 British Retail Consortium (BRC) Payments Survey reported that cash declined from 27.6% of U.K. retail spending in 2013 to 11.2% in 2023. 138 Data from LINK, the U.K.’s ATM operator, shows that both the volume and value of U.K. ATM cash withdrawals – the primary source of consumer cash acquisition - has dropped substantially. 139 Cash withdrawals fell slightly every year from its peak of 2.842 billion in 2012 to 2.129 billion in 2019. There was a huge covid-driven drop in ATM withdrawals between 2019 and 2020, down to 1.261 billion, and have remained broadly constant since then, hitting 1.150 billion in 2024 (Figure 2.3). Total Cash Withdrawal Volumes 140
3,000
2,500
2,000
1,500
1,000
500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Pay to Use
Free to Use
Figure 2.3
Cash withdrawal values have followed a similar pattern – dropping from £116 billion in 2019 to £81 billion in 2020, although volumes have stabilized since then (Table 2.4). Total Cash Withdrawal Values (Millions) 141 2019 2020 2021 2022 2023 2024 Cash Withdrawal Values (GBP millions) 116,418 81,008 78,962 82,781 81,387 80,031
Table 2.4
54
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