Cashless UK Is Coming Sooner Than You Think
Remember the thrill of using a Nintendo 64? It was once cutting-edge technology, but today’s younger generation views it as a relic. The same could be said for the ATM, a revolutionary invention that now feels increasingly obsolete.
The world’s first cash machine made its debut on June 27, 1967, courtesy of Barclays Bank in North London.
Fun Fact: The first withdrawal was made by actor and comedian Reg Varney.
Today, a new study by Merchant Machine looks into the use of ATMs in the UK to forecast when the nation might go cashless. Defining cashless as having less than 1 ATM in a constituency.
As we transition to new ways of paying, the number of cash machines across the country is dwindling.
The UK lost 5% of its cash machines between 2022 and 2023, a trend which is predicts to continue.
The Best and Worst Places With Access to ATMs in the UK
How Long Do We Have?
Here’s a look at the projected decline in ATM access across the UK:
2029: No. of Cashless Constituencies: 14 (2.15%)
2034: No. of Cashless Constituencies: 85 (13.08%)
2039: No. of Cashless Constituencies: 246 (37.85%)
2044: No. of Cashless Constituencies: 349 (53.69%)
2049: No. of Cashless Constituencies: 379 (58.31%)
2054: No. of Cashless Constituencies: 391 (60.15%)
In 20 years time, we could expect that over 50% of areas in the UK to no ATMs.
By 2054, over 60% of UK constituencies will have less than one ATM in the area.
With this in mind, watch this 2 minute clip…
Where next?
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Jordan✌️
Cashless UK
This article is for information and education purposes only and is not intended as promotional material in any respect. All posts are the opinion of the author and should not be construed as investment advice and the opinions expressed do not necessarily reflect the views of The Bitcoin Collective Ltd.
