Money may well make the world go round, but could this big wide world of ours be hurtling towards a cash-free future? Well, a new study has been released on exactly that topic. The analysts over at Merchant Machine have looked into their crystal balls (and when I say crystal ball, I actually mean monthly ATM availability data from 2018 onwards and ARIMA forecasting models) to predict when each London borough and constituency will become cashless. And just to clarify, the study defines cashless as having than one ATM in the area.
The humble ATM utterly revolutionised banking when the first one popped up in London in 1967. But with technology on the rise, cash is becoming more and more redundant in the capital city. According to the study, the London constituency of Ruislip, Northwood and Pinner is set to become cashless by October 2026. A mere two years from now.
According to the recent research, the Cities of London and Westminster constituency currently has the best access to ATMs in the entire country, with 454.3 ATMs per 100,000 people – and they get put to surprisingly good use, too. Many people say they still use notes and coins to do their day to day transactions. But regardless of whether people want to spend using physical cash, it’s going to be pretty tricky for them to do so without any ATMs, right?
When is each London constituency set to become cashless (have fewer than one ATM) according to the study?
- Ruislip, Northwood and Pinner – October 2026
- Islington South and Finsbury – November 2029
- Chelsea and Fulham – September 2030
- Cities of London and Westminster – October 2030
- Chingford and Woodford Green – December 2031
- Brent Central – January 2032
- Holborn and St Pancras – February 2032
- Harrow East – May 2032
- Leyton and Wanstead – October 2032
- Vauxhall – December 2032
With all this being said, the number of people who said that they ‘mainly use cash’ leapt to 1.5 million last year. The highest it has been in four years. The FCA have also confirmed that from September, banks will face new rules to ensure that communities still have good access to ATMs. So, I’d take these predictions with a pinch of salt pennies, to be quite honest with you.
Find out more and read the full study here.