The Central Bank of Ireland has revealed, in an internal report, that the demand for cash withdrawals at ATMs had remained largely steady. Average monthly withdrawals were $1.47 billion per month between January 2015 and February 2020. Following COVID-19, withdrawals averaged $1.01 billion per month from June 2020 to June 2022, which have been gradually increasing, according to a report by RTE.
When COVID-19 restrictions first came down, withdrawals dropped sharply, but since then, the number of monthly ATM withdrawals has been rising since January 2021.
“The amount withdrawn in June 2022 was 7% higher than in September 2021, reflecting the percentage value increase in the Consumer Price Index,” the report stated. In addition, during January 2021, there were 5.23 million withdrawals, which rose to 7.95 million in June 2022.
As a result, Kevin Johnson, CEO of the Credit Union Development association, said the report means “paper money” will still play a significant role in payments, according to RTE.
“Our position is that the retention of cash services in local communities is critical and is a national issue that needs forward-looking centralized planning,” Johnson told RTE.ATMs