ATM Fee Cut Comment: UK Takes One Step Closer To Becoming A Cashless Society

By   ISBuzz Team
Writer , Information Security Buzz | Jul 02, 2018 05:30 am PST

In response to the news that cash machines fee cut has prompted fresh rows and wanted to get in touch to share a comment from David Orme, SVP at IDEX on how this will move the UK further towards a cashless society with added support from biometric payment solutions.

David Orme, Senior Vice President at IDEX:

“The news that hundreds of ATMs are likely to close, following a reduction in fees for cash withdrawals over the next four-years, highlights the fact that we are swiftly moving towards a cashless society. Whilst the cost to operators per cash withdrawal has been reduced, this is not sustainable and we can expect to see further closures of ATMs as a result. However, with the introduction of biometric smart cards soon to make contactless payments even more convenient, secure and personal than ever, in tandem with the retraction of ATMs, the UK can expect to be one of the key leaders in embracing a cashless, more secure, society.

Biometric smart cards will be more convenient than cash and won’t even require a PIN, as payments are made using a fingerprint alone. As a result of this new technology, people making payments will no longer have to compromise security for convenience and will enjoy the benefits of limitless payments, with the £30 transaction cap becoming a thing of the past. We can expect to see banks deploying millions of biometric smart cards to their account holders by 2019.”

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