Cash dispensers remain important for customers despite the rise of contactless cards. The value of bank notes in circulation in the UK peaked in late 2017 at over £70bn for the first time, marking a 10 per cent increase on a year earlier.
Other countries offer “recycle ATMs” more widely than the UK, for example, enabling customers to deposit cash into a machine, which can then be used for people seeking to withdraw money. This way, banks and ATM providers do not rely on cash vans to replenish supplies as frequently. “We’re not really doing this in UK yet, so we’re miles behind,” said Ron Delnevo, a director of the ATM Industry Association. “It’s important because if we don’t have ways of recycling cash, then it becomes less convenient to use.”