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The Future of Local Banking Services and Access to Cash - UK
Technological and social change have led to decreased reliance on both physical cash and traditional bank branches.
Despite the downturn there is a new focus on protecting access to cash. Recently, wider policy and political discussion has focused more generally on the future of access to cash.
An independent Access to Cash Review, called on Government, regulators, financial services and others to work together to “keep cash viable for the foreseeable future”.
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Cash: A Vital Way to Support Families in Need
Putting money directly into the pockets of people in need, cash transfers are a vital form of aid. This has been especially true in developing countries, which have been particularly hard-hit by conflict, the climate crisis and COVID-19. For example, when locusts plundered farms across Somalia, families needed a fast way to replace their lost source of food and income. With emergency support of just $60, families were able to regain stability and plan for their future.
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PYMNTS Intelligence: Moving ATMs Into the Future With Cash Recycling
Single-function automated teller machines (ATMs) are on the way out, and worldwide deployment of multifunction automated deposit terminals (ADTs) is projected to grow 8% by 2026, even as the overall number of deployed ATMs declines.
The Asia-Pacific market led the world in deployment of ADTs in 2020 at 61%, compared to North America, where just 34% of ATMs did more than dispense cash.
At the same time, consumers still do a lot of their banking through ATMs. 41% said they use ATMs for some portion of their banking engagement.
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Is the ATM Industry Ready? You Tell Us
ATMIA has published a well-received position paper supporting the roll-out of Universal Cash Deposit functionality at ATMs.
Now, ATMIA would like to test the readiness of the industry to embrace the concept of Universal Cash Deposits, while identifying any perceived roadblocks or concerns we can later address.
Please take 5 minutes to help us gauge the readiness of the industry. All responses will be kept confidential. For completing the survey, you will be entered to win one of two prizes! A free year of membership or a free conference pass to a 2022 ATMIA conference of your choice will be awarded once we receive 50+ survey responses!
*Survey closes March 31, 2022
Take the Survey
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Providing cash and paper check access is still important for banks
Transfers of paper-based funds—cash and checks—remain important despite the rise of digital banking, per a pair of PYMNTS reports.
Staying power, at a glance: One piece of evidence is the persistent use of ATMs for banking.
PYMNTS found that while only 10.6% of survey respondents said ATMs were the most-used way of engaging with their bank accounts, 40.7% said that they still used ATMs for at least part of their engagement.
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Backing cash payments can help retailers reduce card payment fees, says Volumatic
The rise in card fees has come about following the UK’s departure from the EU, which ended a long-standing regulation that previously capped the fees that card issuers could charge. This has resulted in card issuer fees being increased by a staggering £150 million a year, which has hit both the UK and European retail, leisure, and hospitality industries hard.
Smaller independent businesses are struggling with this increase and the fees problem will only continue to get worse.
Mike Severs, sales & marketing director at Volumatic, said: “Retailers and other businesses can fight back against these rising card payment costs by encouraging and promoting cash payments again.”
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Ukrainians flooded ATMs to withdraw cash as Russian invasion escalated
Panicked Ukrainian citizens scrambled to take out cash when the Russian military launched a full-fledged invasion of the Eastern European nation.
Images taken in Ukraine’s capital, Kyiv, and other major cities showed long lines forming at ATMs.
Meanwhile, the National Bank of Ukraine enacted a temporary cash withdrawal limit of 100,000 Ukrainian hryvnia per day — the equivalent of about $3,339.
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Celebrate Cash News with Withdraw Cash Wednesday
Cash globally remains the most widely used and popular form of payment today. ATMIA’s goal with the Withdraw Cash Wednesday initiative is to communicate as an industry the many benefits of cash, while combating the negative press cash has received over the last few years to ensure consumers have cash as a payment choice for years to come. This monthly newsletter is geared towards sharing positive cash news reaching more than 10,000 ATM industry readers per month.
Don't miss our recent newsletters:
October 2021
November 2021
December 2021 - Sponsored by Ricoh USA
January/February 2022
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If you're interested in sponsoring the WCW Pro-Cash Monthly Newsletter and reaching over 10,000 emails, please contact ATMIA by email.
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