Post by account_disabled on Mar 14, 2024 4:50:36 GMT 1
Fintech and banks: the digital revolution and the closure of physical branches At the beginning of this year, the closure of numerous ATMs was announced with some certainty, now outclassed by the new upcoming technologies. There is talk of 70,000 ATMs in the UK alone. But are we sure it is a wise choice? The service, which allows cardholders who are part of the LINK network to withdraw cash for free, is said to have cost banks a total of £1 billion a year to run, with charges reaching around 25p for each withdrawal. To combat the cost of this service, the idea of imposing a service charge is being discussed. The average cost of ATM charges in the UK stands at £1.70.
What is called into question is the sustainability of the system. The Find Your Phone Number report on this will be ready in a year and in the meantime the government, regulators and service users will have to wait. The idea of paying to use your own cash doesn't seem to be exciting. The fintech revolution and digital payments still seem to be the prerogative of the younger generation who represent only a part of the overall population. Even if it is now possible to pay for almost everything digitally, this remains a problem. We will have to see what the majority will be but what is certain is that it will certainly not be possible to create excluded people. The interest is necessarily shifted towards the satisfaction of large numbers.ATM-atm-goodbye Paying more to use your money is not the best decisions, in fact it sounds a bit like further cruelty that adds to the low interest rates and already at historic lows.
So every time we use our money we will be forced to pay. The most penalized will be the poorest categories with little money available in bank accounts and not enough to justify further taxation and isolated populations in towns, small cities and villages with only one accessible ATM. With 54,000 ATMs in the UK currently still in use, if the tax were to be implemented it would directly affect the number of withdrawals. With around 8,000 being potential targets for removal or taxation, this could have a dramatic effect on rural areas across the UK. Ron Delveno of the ATM Industry Association said he fears such a tax would lead to some areas of the UK becoming " cash deserts ". These areas would lead many people to stop using ATMs altogether so that a certain number of ATMs would be inexorably removed, making cash even less accessible to the public.
What is called into question is the sustainability of the system. The Find Your Phone Number report on this will be ready in a year and in the meantime the government, regulators and service users will have to wait. The idea of paying to use your own cash doesn't seem to be exciting. The fintech revolution and digital payments still seem to be the prerogative of the younger generation who represent only a part of the overall population. Even if it is now possible to pay for almost everything digitally, this remains a problem. We will have to see what the majority will be but what is certain is that it will certainly not be possible to create excluded people. The interest is necessarily shifted towards the satisfaction of large numbers.ATM-atm-goodbye Paying more to use your money is not the best decisions, in fact it sounds a bit like further cruelty that adds to the low interest rates and already at historic lows.
So every time we use our money we will be forced to pay. The most penalized will be the poorest categories with little money available in bank accounts and not enough to justify further taxation and isolated populations in towns, small cities and villages with only one accessible ATM. With 54,000 ATMs in the UK currently still in use, if the tax were to be implemented it would directly affect the number of withdrawals. With around 8,000 being potential targets for removal or taxation, this could have a dramatic effect on rural areas across the UK. Ron Delveno of the ATM Industry Association said he fears such a tax would lead to some areas of the UK becoming " cash deserts ". These areas would lead many people to stop using ATMs altogether so that a certain number of ATMs would be inexorably removed, making cash even less accessible to the public.