Up to 3,500 cash machines will be supported with a new ‘super premium’ to stay open in remote and deprived areas.
The UK’s largest cash machine network Link will boost payments to operators to £2.75 per cash withdrawal from April 1 as part of their Financial Inclusion Programme.
ATMs are shutting down at the rate of 300 per month, according to consumer site Which?, leaving thousands of people who still rely on notes and coins without access to cash.
Link’s move aims to combat the decline with free-to-use ATMs that are 1km or more away from another eligible, amounting to around 1,000 initially.
But John Howells, chief executive of Link, expects that this number will rise as ATMs continue to disappear from the UK’s high streets.
“We are delighted to announce this increase in financial support for ATMs in remote and deprived areas that provide a vital service to communities,” he said. “While many consumers are turning to alternative payment methods such as contactless cards, it is vital we continue to provide free access to cash to those who need it.”