A major overhaul of the UK’s 70,000-strong cashpoint network, Link, is under discussion in a move that could lead to the closure of a large number of hole-in-the-wall machines.
The 30 or so members who make up the automated teller machines (ATMs) network are debating what would be the first major changes in 16 years. There are fears the system could break up unless agreement can be reached.
It comes at a time when the number of cashpoints is at a peak but withdrawals are declining as customers use contactless cards and other payment methods.
The system costs £900m a year to operate and is based on a fixed formula under which card issuers pay an interchange fee to machine providers to cover the costs. It is calculated by dividing the cost of running the free-to-use network by the number of transactions and is between 20p and 30p