A fundamental review and potential restructuring of the country’s ATM network and its business model may therefore be necessary
COVID19 and Cash – LINK update. (Credit: Peggy und Marco Lachmann-Anke from Pixabay.)
COVID19 is an unprecedented challenge for the whole of the UK and LINK and its Members are acutely aware of the vital role that ATMs and cash play in enabling people to buy their daily necessities.
The ATM Network continues to operate to its usual high standard and is well prepared to support UK consumers through the coming weeks and months. LINK itself has successfully moved into remote working Business Continuity mode and LINK is working closely with its Members, regulators, industry bodies and other stakeholders to ensure consumers can still access their cash during this period.
As expected, consumers’ ATM and cash use has fallen significantly, (by around 50%) over the past few days and this is likely to continue as people move to follow the Prime Minister’s instructions to stay at home.
Looking forward to the end of this crisis it is very likely that some consumers’ cash usage habits will have fundamentally changed but that the requirement for cash access, as a contingency and for vulnerable consumers will be more important than ever. A fundamental review and potential restructuring of the country’s ATM network and its business model may therefore be necessary.
John Howells, LINK CEO commented, “These are difficult and challenging times, but I would like to reassure everyone that LINK remains as committed as ever to ensuring people can continue to access their cash. I and the whole LINK Board would also like to thank our Members and the many, many people who are working hard behind the scenes to keep the ATM network going”.
Source: Company Press Release