Cash Transactions Hit New High Across UK Post Office Network
May 28, 2024
The latest figures from the UK Post Office Network—a major provider of banking services in the wake of branch and ATM closures—show cash deposits and withdrawals have hit new highs in an ongoing trend of rapid growth.
Talking Retail reports that total cash deposits (business and personal) reached £2.62 billion (around $3.3 billion) in April, representing an almost five percent month-on-month increase and a huge 26.5 percent rise year-on-year. Total withdrawals were £864.9 million: a very slight decrease of less than one percent versus March, but up over 20 percent compared to the same period last year.
It is positive to see the continued growth in customers using their local Post Office, and accessing essential cash services through our extensive partnership with banks. The fact that we are seeing the highest ever levels of cash withdrawals and deposits demonstrates the growing importance of our services in providing access to cash.
The rising popularity of these services is likely attributable to the continued closure of commercial bank branches and ATMs across the UK leaving people with no alternative but to rely on Post Offices and banking hubs.
As of this month, 50 banking hubs have been opened in a partnership between Cash Access UK and the Post Office. ATM provider LINK has announced a further 121 hubs, with more to come throughout the year.