CONNECT: Payments news from VocaLink
Close

SIGN UP TO CONNECT


Sign up to receive Vocalink Connect updates direct to your email

Contact permission

I agree that Vocalink may use my contact details to send me email marketing communications about all products and services. You are free to withdraw your consent at any time, free of charge. More information on Mastercard’s privacy practices and on your rights including withdrawing consent is available in the Vocalink Privacy Notice. By clicking Submit I understand that my personal data will be processed by Vocalink in the context of Vocalink products and services as described in the Privacy Notice.

Thank you


Thanks for subscribing to the VocaLink Connect newsletter

The Future of ATMs

10 May 2018

The Future of ATMs

 
Ellie Fixter,
Senior PR & Content Manager,
Vocalink

The advent of alternative payment mechanisms such as contactless, digital wallets and mobile proxy services like Paym have all heralded a new age in which the physical manifestation of money is no longer necessary. Many companies have built strategies around a vision of a low-cash economy that fosters financial inclusion by making digital payments more accessible through investment in the latest technology.

And yet cash has proved to be very resilient; stubborn even. Central Bank researchers around Europe say that ‘reports of the death of cash have been exaggerated’. 

Despite the physical requirements of accessing and carrying cash, and the obvious security risks associated with it, people continue to value cash for a variety of reasons: its convenience and immediacy; its universal acceptance; the way its physical nature supports budgeting and education; and the anonymity and untraceability it supports.

So, while the number of cash transactions is in decline in many markets – in the UK it has fallen by 26% in the last 5 years– and there is no doubt that they will continue to drop as consumers embrace other forms of payment, there is also strong evidence to suggest that cash will continue to play a significant role in our lives for the foreseeable future.

Download the Whitepaper to learn more...

Back to the top of the page