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TELL YOUR FRIENDS

2016 A Year of Innovation for Cash & ATMs

Cash : Always Changing and Always With Us

2016 will see polymer bank notes appear in the UK. 

The plan is that plastic will last longer than paper. Let's hope that is the case. 

Anyway, paper cash hasn't  done too badly over the years. Banknotes have been around for 1200 years or so, though there is no truth in the rumour that some Scots are still hoarding the original issue! 

One thing we have to keep an eye on when the new £5 polymer appear is that more ATMs dispense them. Only around 7% of the UK's 70,000 cash machines actually offer £5 notes at the moment. We need to see that significantly increase in 2016 and thereafter. 

The other thing we need to see is more innovation in ATMs in the UK. In other countries, there are 50 or more transactions that can be carried out at ATMs. In the UK, it is only a handful. 

With bank branches closing and stories in the media that Post Offices will supposedly be the hub of future community banking services, UK ATMs need to do more - MUCH more. 

Cash deposit - both notes and coins -is a top priority. The public - you and me - AND local businesses, need to be able to withdraw AND deposit cash at UK ATMs. Post Office counters - with their already long queues - are NOT the answer. 

We also need UK ATMs to recycle the cash that is deposited. Japan has had such ATMs since 1982. The UK is lagging behind, this time by 30 years. 

Cash remains a vital part of the UK economy. The UK Government , the Bank of England and the various Regulators must act to ensure every community  in the UK has convenient and secure access to cash withdrawal and deposit facilities. 

Bank branches may disappear BUT cash never will. With 2700 years of history, an important present and a vital role in the future, cash is the constant that has helped to create and stimulate a truly diverse society, with choice, freedom and independence for each and every one of us. 

Cash: for all, forever!"

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