Written evidence submitted by NoteMachine



Executive Summary


  1. The PSR is the primary regulator responsible for the sector in which we operate and has been critically engaged on the future of access to cash over the past decade. It continues to play an important role in safeguarding the future of the UK cash network, and we welcome the Committees interest in reviewing its role at this time.
  2. Collaboration and transparency between the PSR and industry is essential to ensuring the sector can innovate and evolve in line with Government ambitions. The PSR’s Annual Plan for 2022/23 was welcomed by the industry, but there remains a need for greater clarity of objectives, alongside measurable outcomes, and defined timelines.
  3. This should include greater clarity on the PSR’s future role as it relates to access to cash, which should include a mandate to intervene in the operation of the UK ATM network to address the level of the interchange fee received by ATM providers.
  4. To help ATM providers better prepare for the future and to maintain the network where there is most need, the PSR should set out how it regulates the ATM interchange fees across available schemes.


About NoteMachine


NoteMachine is the second largest provider of ATMs in the UK, operating 9,500 machines on a free or pay-to-use basis. There are around 27m monthly transactions on NoteMachine’s ATMs every month and we supply £16.5 billion in cash each year.


Alongside operating a network of ATMs across Europe, NoteMachine is committed to shaping the future of cash services through its research and development arm, NoteMachine Technologies.



1.0 The PSR’s performance 





2.0 The PSR’s Annual Plan for 2022/23



3.0 The PSR’s approach to promoting competition between payment systems, including cryptoassets and distributed ledger technology




4.0 The PSR’s role in reviewing and regulating card scheme and interchange fees




May 2022