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UK consumers still use ATMs and bank branches and want to see them as part of the fabric of society, though in the latter case Britons prefer the option of a branch network for emergencies, occasional use and as security for elderly or vulnerable consumers.
While there are regional differences in these findings, perhaps the most pronounced difference unveiled by the research is the gap between young people’s attitudes and that of older generations. Around two-thirds of the 18-34 generation trust digital wallets and use them, while fewer than one in five of those aged over 55 either trust or use wallets.
Proportionally, older consumers are set to form a larger part of the UK population in the decades ahead. This being the case, we set out a number of conclusions and recommendations for banks and payments companies based around a continuing role for both cash and cards over the next 5-10 years.
Banks and payments firms active across Europe will find the trends outlined in this report repeated in other European markets. In recent years, Norway and Sweden have mandated access to cash services and ATMs in law with the UK following suit in May 2022. We expect such legislation to be repeated in other European markets in the next few years.
While banks, merchants and payment service providers must prepare for a future with a wide range of payment methods, that future is going to include a significant role for both cash and payment cards. This report from Transact Payments sets out strategies firms can adopt to handle their cash management responsibilities and an ATM estate profitably and efficiently.
This White Paper is written by PCM on behalf of Transact Payments. To find out more about our Products and Services contact us today:
Alex Rolfe – Managing Director
alex@paymentscm.com
Wendy Sanders – Business Development Director
wendy@paymentscm.com
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