2016 is upon us, and looking ahead to the new year, what trends can businesses and consumers expect to see within the ATM industry? Businesses, consumers, and ATM owners in particular should expect a progression of existing trends in banking, spending, and technology. The new EMV technology that arrived last year is already changing expectations for the ATM. Banks and certain retailers are issuing customers new cards equipped with a small chip instead of a magnetic strip. This new EMV technology makes cards harder for thieves to counterfeit, but require a new kind of device to read the new chip cards. A complete transition to chip cards won’t happen overnight, but businesses and ATM owners need the right equipment to read the new cards, while still retaining the capability to read magnetic strip cards. ATM owners are forced to either equip existing machines with an EMV processing device or completely switch out their ATMs.
ATM Industry Statistics
Besides the new EMV cards, experts predict mobile banking will continue to grow in popularity. New platforms for mobile banking like Apple Pay have increased the capabilities of mobile banking. New technologies, combined with consumers’ desire for faster and more convenient banking options have also increased the use of mobile banking. Many consumers, however, remain wary of the security risks mobile banking poses and continued to use other banking options, including the ATM. Looking at these trends, some industry experts are concerned about the future of ATMs. Yet, ATMs continue to evolve to keep pace with the needs of the modern consumers, moving from a cash-access point to a multi-function machine. ATM industry experts anticipate that in the near future, ATMs will provide users with a personalized experience and allow people to use their personal devices to make ATM transactions. Furthermore, ATMs remain a valuable cash-access point in a consumer landscape where cash continues to play a huge role. A Federal Reserve study analyzing consumer payment preferences found that cash is the first payment preference for 30 percent of consumers, and the second payment preference for other consumers; 46 percent of all transactions are cash.
Make your start in the ATM industry by contacting America’s ATM, a company that specializes in providing businesses with financial service kiosks, marketing products, and ATMs. The team at America’s ATM understand the needs of business owners and can help you select an ATM program that works best for your business: the ATM Processing Program, the Free ATM Placement Program, or the Free ATM Partner Program. Check out more on these programs at: http://americanatm.com/programs/. America’s ATM also has opportunities for people to become an ATM Reseller: http://americanatm.com/resellers/. Call 877-475-1104 to get started, or reach out online at http://americanatm.com/contact-us/.