Cashless Exeter forecasted by 2034

A new report discovered that Exeter is one of the major UK cities expected to go cashless in just 11 years.

Merchant Machine analysts used monthly ATM availability data from 2018 onwards to determine when each of the 650 parliamentary constituencies and selected cities will have fewer than one ATM.

Exeter ranked behind Cambridge as the second fastest major city to go cashless, with all free-to-use ATMs forecasted to disappear by December 2034. 

Introduced to the UK in 1967, the first cash machine revolutionised banking forever as the British public were able to withdraw their money whenever they wanted.

However, the emergence of new technologies caused a decrease in the popularity of cash.

The COVID-19 pandemic saw further significant changes made to UK payment patterns, and in 2022, debit cards accounted for half of all payments in the UK.

Currently, Exeter stands as the 12th most ATM accessible city out of the 39 cities analysed for the report, with the number of ATMs per 100,000 people at 137.6.

The question of whether the UK will become a completely cashless society is still a hard one to answer. 

Most of the UK opposes the concept due to the number of adults without access to technology or a bank account. 

Though Exeter is certainly closer than many other UK cities to a cashless future, the report found that by 2054, over 60 per cent of UK constituencies will have less than one ATM in the area.

Details of the report and its methodology can be found here: Money Accessibility Index: How Many ATMs are Available Locally in the UK? - Merchant Machine