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Learn more17 pages, Nov 2015
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With the contactless limit having been increased to £30 per transaction in September 2015 and the launch of Apple Pay in the UK raising awareness of mobile wallets, consumers are finding fewer occasions when cash is the most convenient payment method. Hence, the volume of ATM transactions declined by 1%.
Nationwide Building Society has been one innovator in retail banking, investing in a £500 million project to improve its branch network via a new generation of self-service ATMs. The project aims to offer a kind of self-service experience at its retail bank branches, similar to that offered by supermarkets. The scheme will automate day-to-day tasks that were traditionally done at a counter to free up staff to provide advice, which is where they can add more value. The bank is also rolling out video ATMs and other related technology across its network to make it more efficient and enable it to maintain its network of branches as opposed to closing them like other rival banks.
The UK is extremely unlikely to follow the likes of Iceland and Denmark in their shift towards a cashless society over the forecast period, with UK consumers continuing to rely on cash for a number of payment occasions, alongside payment cards. Having said that, transaction value is expected to post a CAGR decline of 3% at constant 2015 prices as contactless technology and mobile wallets contribute to the ease and convenience of non-cash payments for a variety of reasons.
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Overview
Discover the latest market trends and uncover sources of future market growth for the ATM Transactions industry in United Kingdom with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the ATM Transactions industry in United Kingdom, our research will save you time and money while empowering you to make informed, profitable decisions.
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Why buy this report?
Euromonitor’s industry reports, including ATM Transactions in United Kingdom, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.