New figures from LINK, the UK’s ATM and cash access network, show a significant jump in ATM use as consumers begin to receive payments from the Government to manage the cost of living crisis.
From 8 November, over eight million households across the UK will automatically be paid £324, as part of £1,200 worth of direct help for households.
The numbers from LINK show compared to the closest equivalent days in 2021, volumes (the number of transactions) were up by 12% while values (the amount withdrawn) were up by 14%. In total, an extra £87m has been withdrawn from LINK cash machines since Tuesday when the payments were first received.
Graham Mott, Director of Strategy, LINK: “This week has been much busier than expected for LINK cash machines. The middle of November is normally pretty quiet, often not helped by the weather, but this week has seen as real boost to cash as consumers get their cost of living payments. We may well see some more spikes in ATM use going forward as more payments are due before Christmas.
Cash machines represent around 90% of cash withdrawals for UK consumers and on average around £1.5bn is withdrawn every week.”