The cash machine celebrated its 50th birthday this year; it was 1967 when Barclays opened its first ATM in Enfield. More than 80 per cent of cash withdrawn from banks is obtained through cash machines, but it is cash itself that could be on the way out.
After all, it is two years since the UK passed the tipping point of more electronic than cash payments. And by next year, more than 20 per cent of online transactions are likely to be made through mobile devices, according to PwC.
Nor is the UK alone. Governments across the world are pushing the drive towards a cashless society, hoping to reduce issues such as fraud or funding for terrorism, decrease the black economy and improve tax revenues. Last November, for example, the Indian government abolished 500 and 1,000 rupee notes overnight in a bid to stem fake currencies and corruption.
“Government plays a big part in becoming cashless,” says Senthil Ravindran, head of the fintech lab for banking and financial services at Virtusa, a technology company. “It is easier for a government to tax a salary going through a bank; digital payments help a government collect tax.”