The value of ATM withdrawals in the UK during the second quarter of 2020 dropped to £22.09bn, according to new data from payments expert, Wallter.
This value represented a fall of 46.7% compared to the same period last year, when the figure was £41.43bn.
Wallter’s research indicated that the value of ATM withdrawals had been declining even before the coronavirus pandemic, amid the growth of digital payment options.
Since 2018, the ATM withdrawals under operator LINK has been declining “significantly”, Wallter stated. In 2018, ATM cash withdrawals stood at £125.37bn while in 2019, the number dropped by 7.14%. By October, ATM withdrawals stood at £67.9bn.
The latest data also showed that in the wake of COVID-19, digital payments have taken a more prominent role in the UK. In Q2, PayPal’s payment volume amounted to $221.7bn, a 29% year-on-year growth, while PayPal’s subsidiary Venmo payment volume was $37bn, which translates to a 52% year-on-year growth.
The research report stated: “Digital payments, e-commerce and on-demand economy platforms are the big winners of the pandemic. As an alternative to public transport, eating out, fetching groceries, going to the office and living in crowded cities, those who could, opted for apps that offer ride-hailing, food delivery, ordering groceries online, freelancing and finding a short-term rental on a lodging platform.
“Behind the scenes of all these e-commerce platforms are digital payments platforms that are being rapidly adopted by the late majority and even laggards.”
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