21 May 2007
Money taken from current accounts is increasingly being obtained through cash machines, according to a new report from the UK payments association Apacs.
The report, entitled The Way We Pay 2007: UK Cash and Cash Machines, also revealed that over the last decade, the total number of cash machine withdrawals has grown from 1.6 billion in 1996 to 2.8 billion last year, with the amount of cash dispensed more than doubling from 80 billion to 180 billion.
Sandra Quinn, Apacs' Director of Communications, said the report illustrated how the UK consumer's spending habits have changed over the last ten years, with one of the most illuminating facts being that over half of over-65s now regularly using cash machines.
She continued: "Cash currently accounts for 63% of all the payments we make, however looking forward, the total demand for cash in value terms is projected to see a very modest decline over the next ten years due to the increasing popularity of non-cash payments, in particular developments like contactless cards."
Ms Quinn concluded by saying that analysts predicted that by 2014, more non-cash payments will be made than cash payments.