New data released last week reveals that the disappearance of cash machines is continuing at a rapid pace. A total of 1,400 closed in the six months between January and August 2018. If consumers are unable to get hold of cash, it’ll leave card companies free to hike charges on payments. Control of the digital payments market is highly concentrated, with Visa accounting for 97% of all debit cards in 2017. With a captive market, card companies would be free to hike the ‘interchange fee’ on card transactions, resulting in higher prices for consumers.
The real reason why cash machines are under threat is not that consumers are withdrawing less cash. In fact, the amount of cash in circulation is at record levels, and 77% of people regarding access to a free-to-use cash machine as essential to their lives. What’s really going on is that banks and card companies are deliberately seeking to undermine the network.
— source positivemoney.org | Oct 18, 2018
we have to end the banker’s rule on us. we have to form bank consumers union and we have to control them.