Weekly ATM value and volume figures 8 November 2020.
Key observations for week ending 8 November:
- Sunday’s (1 November) ‘dash for cash continued on Monday (2 November) which was the busiest Monday for ATMs since March with £238m dispensed.
- The ‘dash’ tailed off after a couple of days and week ending 8 November saw the lowest weekly volume of ATM transactions since early summer – 29.2 million transactions.
- The amount of cash being withdrawn per visit is reducing.
- ATM volumes remained steady last week but still equate to a 38% reduction compared to 2019.
- Cash withdrawn from ATM’s last week has remained at a reduction of 30% compared to 2019.
Weekly LINK ATM transaction volumes
Last week we noted Sunday’s (1 November) ‘dash for cash’ which saw an 18% increase in the value of cash taken from LINK ATMs when compared to the previous Sunday.
This ‘dash for cash continued on Monday (2 November) which was the busiest Monday for ATMs since March with £238m dispensed.
However, the ‘dash’ tailed off after a couple of days and week ending 8 November saw the lowest weekly volume of ATM transactions since early summer – 29.2 million transactions.
Source: LINK
Source: LINK
Lockdown 1.0 vs Lockdown 2.0
The graph below demonstrates that post Lockdown 1.0 the weekly volume of ATM transaction rose from a low point of 20 million to a static circa 30 million – over the following weeks we’ll be able to track the impact of Lockdown 2.0 on our cash and digital payment habits.
Source: LINK
Over the past few weeks the number of ATM transactions had remained fairly constant at circa 30m transactions a week – however, notwithstanding the temporally ‘dash for cash’ Lockdown 2.0 appears to have had an immediate impact of reduction of circa 1.5m over the last week.
The final weeks of 2020 (especially the traditional seasonal end of year impact of a temporary dip of circa 10 million transactions a week) will be fascinating.
Daily ATM Values
Source: LINK
With everyday feeling like Groundhog Day our daily payment profile has certainly changed – however the above graph from LINK shows that, for those that still use cash, the amount of cash being withdrawn each visit is also reducing.
Weekly LINK ATM transaction volumes
Source: LINK
ATM volumes remained at a 38% reduction compared to 2019.
Monthly LINK ATM transaction volumes
Monthly LINK ATM transaction volumes for October were 138million. After a partial post Lockdown 1.0 recovery volumes have now been static over the last four months.
Predictions
It’s only four weeks (#IOFW) but will this Lockdown period be a crucial time for cash in the UK?
After an initial surge, how will the various restrictions in Scotland, Northern Ireland, Wales and England impact ATM withdrawals and the use of cash over the final weeks of 2020?
Rolling volume change (compared to 2019):
- w/e 11 October 2020: -34% (baseline)
- w/e 18 October 2020: -36% (2% reduction)
- w/e 25 October 2020: –37% (3% reduction)
- w/e 1 November 2020: -38% (1% reduction)
- w/e 8 November 2020: -38% (no change)
Rolling value change (compared to 2019):
- w/e 11 October 2020: -26% (baseline)
- w/e 18 October 2020: -28% (2% reduction)
- w/e 25 October 2020: -30% (4% reduction)
- w/e 1 November 2020: -30% (no change)
- w/e 8 November 2020: -30% (no change)