UK ATM network backtracks on interchange fee hikes
Consumers turn to cash alternatives “quicker than expected”
The UK’s largest ATM network has backtracked on plans to cut its interchange fee, citing a significant drop in machine usage.
“Consumers are turning to alternatives to cash more quickly than expected and usage of ATMs is now dropping at 6% per annum. Link will therefore adjust [the] interchange [fee] to maintain free-to-use coverage,” Link chief executive John Howells says.
In January, Link announced a phased 20% reduction in the interchange fee over a four-year period, reducing the amount
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